JCPenney says it will close more than 150 stores nationwide, including eight in Indiana, as part of its financial restructuring plan. In a bankruptcy filing Thursday, the retailer said the decision followed an evaluation of its retail footprint and analysis of store performance.
JCPenney says the closures are the first phase of its store optimization strategy. The Hoosier stores affected by the move include:
- Bedford Town Fair (Bedford)
- Concord Mall (Elkhart)
- NW Pavilion @ Michigan Road (Indianapolis)
- Kokomo Mall (Kokomo)
- River Point Mall (Madison)
- Muncie Mall (Muncie)
- Pilgrim Place Mall (Plymouth)
- Richmond Square (Richmond)
- Vincennes Plaza (Vincennes)
“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.”
The retailer says store closing sales are slated to begin next week. The sales for the first round of store closures is expected to take 10-16 weeks to complete.