Yet another department store is closing its doors.
After filing for Chapter 11 bankruptcy in May, JCPenney announced yesterday that it will be closing 154 stores across the country this summer.
The company’s blog said “following a comprehensive review of our retail footprint, JCPenney made the difficult decision to close 154 stores. We will continue to operate the majority of our stores and our flagship store, jcp.com, to ensure our valued customers continue to have access to the products and brands they need and want.”
Two of the stores to close in Indiana are located in Muncie and Kokomo.
According to CNBC, store closing sales are slated to begin June 12 and the company expects the store closing sales to last anywhere from 10 to 16 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,” Chief Executive Jill Soltau said in a statement.