JC Penney will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint.
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The giant Texas-based retailer said on Thursday it might take about 10 to 16 weeks to complete the closures.
Penney filed for bankruptcy protection last month, making it the biggest retailer to do since the coronavirus pandemic forced non-essential stores to be shut down temporarily.
J.Crew and Neiman Marcus sought bankruptcy protection days before JC Penney. All three had been laden with debt and had trouble connecting with shoppers, who are increasingly skipping the mall and shopping online.
As part of its bankruptcy reorganisation, Penney says it plans to permanently close almost one-third of its 846 stores in the next two years. That would leave it with just over 600 locations.
Australian Associated Press
