By Michelle Price
UCBJ Managing Editor
Retailer closing 154 stores this summer
UPPER CUMBERLAND – Bankrupt retailer JC Penney has announced that as a part of the first step in implementing its store optimization strategy that it is closing 154 stores this summer, including six in Tennessee.
The McMinnville store in Three Star Mall is one of the casualties. The Cookeville store is safe for now; however, the retailer plans to announce additional closings in the coming weeks.
Store closing sales will kick off June 12 and are expected to last anywhere from 10 to 16 weeks.
A complete list of store closures is available here.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” CEO Jill Soltau said in a statement.
The Texas-based retailer has reopened 500 of its stores, although most are open shortened hours. Before its bankruptcy, the retailer had roughly 860 stores.
“We will remain one of the nation’s largest apparel and home retailers as we continue to operate a majority of our stores and our flagship store, jcp.com, to ensure our valued customers continue to have access to the products and brands they need and want,” Saltau added.