This Beloved Store Is Closing Locations in 38 States. Will Yours Survive?
The shuttering of this major department store marks the end of an era.
Even before stores across the country began shuttering in response to coronavirus, department stores were already struggling to survive the rise of online shopping. So when the pandemic hit, it was the final nail in the coffin for many retailers, including one beloved retail giant: JCPenney.
The company announced on Thursday that it would be closing 154 locations in 38 states after a "comprehensive review" of its "retail footprint." JCPenney had filed for Chapter 11 bankruptcy on May 15, after being hit hard by years of dwindling sales, the stalled economy, and nearly five billion dollars in mounting debt.
To many, the closing of JCPenney represents an end of an era. It had opened for business in 1902, making it one of the first department stores in the country. Americans grew to rely on the chain for its fair prices and the convenience of one-stop shopping for everything from clothing to appliances.
Wondering if your favorite local branch will weather the storm? The company has released a comprehensive list of closing JCPenney locations, which you can conveniently search by state on the store's blog. As part of its bankruptcy plan, store leadership shared that they expect their closing sales to last for roughly three months—meaning you should be able to snag great clearance deals starting on June 12, lasting until stores close.
As for the remaining JCPenney locations, it may not be the final curtain just yet. On Friday, private equity firm Sycamore announced that it will begin preliminary talks about a possible buyout of the department store. There's no guarantee that the retail giant will survive, but for now, there's always hope. And to find your new favorite shop, be sure to check out these 17 Black-Owned Businesses You Can Support Online Right Now.