20 May J.C. Penney Plans To Close 242 Locations
J.C. Penney, which filed for bankruptcy protection on Friday, plans to close 242, or 29 percent, of its 846 stores over the next two years, according to a filing with the Securities and Exchanges Commission.
For the current fiscal year, 192 stores are expected to close and then 50 the following year, the document notes. After the closings, the company will have 604 remaining locations.
“The approximately 604 future fleet represents the highest sales-generating, most profitable, and most productive stores in the network,” J.C. Penney said in the SEC filing.
As SGB reported earlier Monday, Nike was left with an unpaid bill of $32.1 million in the bankruptcy of J.C. Penney, according to court documents. Other firms in the active lifestyle space landing on the list of the top-50 unsecured creditors included Adidas, owed $7.1 million; Supreme International, $5 million; Izod, $4.6 million; and New Balance, $3.2 million.
Nike’s unsecured claim was second only to Wilmington Trust Global Capital Markets, which on a combined basis is owed over $1 billion.
J.C. Penney filed for bankruptcy on Friday in Texas. The company said it has an agreement with most of its lenders on the turnaround plan that will allow it to stay in business as a more financially healthy company but will include closing about a quarter of its 846 stores.