PLANO, TX - After filing for bankruptcy late last week, J.C. Penney says it plans to close 29% of locations. The company plans to close 242 locations between the current fiscal year and next fiscal year, the company said in a Monday filing with the Securities and Exchange Commission. A list of specific locations has not been released. According to Buiness Insider, the company said it planned to close stores in weaker malls.
"Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy – and our efforts had already begun to pay off. While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt,” said Jill Soltau, chief executive officer of JCPenney in a statement issued last Friday.