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JCPenney, the popular American retail chain, continues its cost-cutting procedures as the company hints at the closure of several locations this year. The Texas-based retail store chain first hinted at the closures under new restructuring plans back in 2020. Following the announcement, the company went on to shut down at least 175 stores between 2020 and 2021.
The restructuring plans came after the 121-year-old company filed for Chapter 11 bankruptcy in late 2020. At that time, the company said that these steps were necessary to put it in a better position and to ensure "sustainable and profitable growth." Apart from shutting down stores, the Texas-based retail store chain also has other plans for getting the business back on its feet, including a $1 million reinvestment.
As of now, the company has already closed at least three stores in 2023. The stores that were closed at the beginning of this year were located in the regions of Elkhart, Indiana, Oswego, New York, and Detroit Lakes, Minnesota. It was not revealed if the shutting stores would be replaced with new stores at some point in the future, but the possibility of the same cannot be denied.
JCPenney is the latest retailer to shut down stores for restructuring reasons
The last few years have been rather challenging for both consumers and retailers across the country. Several popular retailers, including Walmart, CVS Pharmacy, Nordstrom, Harman, Macy's, and others, had to close down several locations due to a plethora of reasons. From the aftereffects of the pandemic and bankruptcy to inflation, retailers across the country, including JCPenney, were forced to make the tough decision of shuttering down hundreds of stores nationwide.
Although the market seems to be full of uncertainties right now, businesses have gradually started showing positive signs of progress. As for JCPenney, the company has also been focusing on strengthening its business by cutting down on unnecessary and extra costs.
The Texas-based retail store chain also plans to enhance operational efficiencies and improve the overall customer experience through a reinvestment of over $1 million by fiscal year 2025. Committed to the brand's pledge, ‘Make it Count,’ JCPenney hopes to continue 'helping customers make the most of life’s moments, both large and small.'
As the company continues to work towards its goals, details about the closure of other planned locations may also be revealed. The three stores that have already been closed this year include Concord Mall in Elkhart, Indiana, Oswego Plaza in Oswego, New York, and 925 Washington Ave. in Detroit Lakes, Minnesota.
Readers need to note that all JCPenney stores will be closed for Thanksgiving this year, so if you see your favorite location closed for the holidays, it may not really mean that they have shuttered down permanently.
While customers may still be able to shop from the chain's website, in-store shopping will only be available after the stores open the next day, November 24, for the Black Friday sales. It is to be noted that many Black Friday deals and discounts are already available on the chain's online store.
