Seven JCPenney stores will say goodbye before May 25. After years of restructuring trying to overcome the bankruptcy they faced back in 2020, the historic department store chain is facing a new wave of closures.
And the truth is, JCPenney seems like it has not recovered since then, because not even after the partnership with Forever 21 (which also went bankrupt in March and will close all its stores) have they managed to get back in the retail race.
Now, they are forced to close seven more stores in different states. What is happening to the retail sector in this country?
What is JCPenney?
A historic American department store chain, it has been serving the public since 1902, more than one hundred years!
And for decades, it has been a staple in American homes and closets, not only because it was a place where you could find absolutely everything, but because it had prices accessible to every budget.
Which stores will close?
It seemed like they were going to ride the wave after declaring bankruptcy, but these seven stores in our country will be affected by the closure (remember, before May 25):
- The Shops at Tanforan, San Bruno, California
- The Shops at Northfield, Denver, Colorado
- Pine Ridge Mall, Pocatello, Idaho
- West Ridge Mall, Topeka, Kansas
- Fox Run Mall, Newington, New Hampshire
- Asheville Mall, Asheville, North Carolina
- Charleston Town Center, Charleston, West Virginia
A complicated year
This news wipes out one more company from the retail sector, and we are seeing (and living) how consumer habits are changing forever. At the beginning of the year, JCPenney had tried to strengthen its presence by partnering with Forever 21, but it was another pawn that fell off the board, and JCPenney has had to change its plans to try to stay afloat.
But, as we told you, shopping habits are changing, nobody wants to go try on clothes in stores anymore, they buy everything with one click and it arrives at their house in a few hours, and it is all due to the effects that have been dragged along after the pandemic, where commerce changed forever, giving way to e-commerce.
Why these closures?
The traditional market is giving up its space to the online market. Shoppers now find it more convenient to click and have the delivery man arrive with their package, and it does not matter what it is, whether it is clothes, furniture, or even food. We are getting used to staying at home and having our wishes brought to our door.
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On the other hand, we are seeing how inflation hits all sectors of society; rents are more expensive, and workers’ wages have to be paid (and wages that are dignified, please!!), and for many companies, the costs of having one or thousands of open stores have become impossible to maintain, even if it directly affects the lives of thousands of workers.
Will more JCPenney closures come?
Despite the situation they are facing, JCPenney has not thrown in the towel yet. It has not yet been confirmed if they plan to close more stores or not, but many people believe it will become a reality if the results do not improve in the coming months.
We will have to sit down and wait to see if this new chapter is written with letters of victory for this century-old retail brand or if it will be time to put an end to the story.