Less than a month after filing for bankruptcy, JCPenney announced Thursday that it will close more than 150 of its stores around the country, including its location in the Music City Mall in Lewisville.
“Following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit for the Company, JCPenney identified the first phase of 154 store closures,” the company’s news release said.
Closing sales are expected to begin on June 12 and will take 10-16 weeks to complete. Additional phases of store closing sales are expected in the coming weeks.
“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,” said Jill Soltau, chief executive officer of JCPenney. “I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers’ expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect.”