JCPenney to close 15 more stores after emerging from bankruptcy

JCPenney has announced the closure of more stores!

The American fashion retailer, which emerged from bankruptcy earlier this month, has said that it will be closing down 15 more stores by the end of March next year.

The retailer was recently acquired by Simon Property Group and Brookfield Asset Management, Inc., after it had filed for Chapter 11 bankruptcy earlier this year.

Also Read: JCPenney officially exits bankruptcy; completes sale to Simon, Brookfield

Substantiating on the same, the retailer in a media statement revealed that the fresh closure of 15 stores is a part of the store optimisation strategy that it had started in June with financial revamping.

Notably, the liquidation sales of these stores will start later in December and will close to the public in March 2021.

JCPenney also said in the statement that though store closures are never easy, its store optimisation strategy aims to help the retailer achieve growth that’s both profitable and sustainable.

The renowned fashion retailer had filed for Chapter 11 bankruptcy back in May 2020 and ever since has been the most talked about fashion retailer till it was bought by mall owners earlier this month.