The company filed for Chapter 11 bankruptcy in May. The 154 stores are closing after “a careful analysis of store performance and future strategic fit,” the company wrote in a news release.
This is only the first phase of closings, the company reported. Store closing sales for the this first round are set to begin June 12 and expected to take 10-16 weeks to complete.
“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,” Jill Soltau, chief executive officer of J.C. Penney, wrote in a news release.
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