JC Penney May Close Capital Region Stores Forever
It looks as if another big department store will be closing its doors forever. JC Penney announced that it has filed for Chapter 11 bankruptcy. With all of the malls, retail stores, and businesses, in general, closed due to the coronavirus pandemic, we know that some stores aren't going to survive. It was announced that JC Penney department stores have filed for Chapter 11 bankruptcy.
According to News Channel 13, JC Penney which opened its doors one hundred eighteen years ago in 1902, will have to close many of its department stores across the country. It looks as if the ones in and around the Capital Region may be the first to go. The closures will start in the upcoming weeks as restrictions are lifted.
Even though JC Penney will close many of its stores, experts are saying that it may not help the department store chain get out of debt and survive. Before the pandemic hit, major stores like JC Penney, who are still anchored in malls, we losing the retail battle to online sales and stores like Target and Walmart. These stores offer everything and more that JC Penney does.
JC Penney plans on closing two hundred forty stores by 2022. They will start by closing one hundred ninety-two stores by February of 2021. JC Penney has six hundred stores across the country.
Although we are not sure which stores will close, there are five JC Penney stores in and around the Capital Region. They are located in Crossgates Mall in Colonie, Clifton Park Center, Wilton Mall, Bennington Square in Vermont, and Aviation Mall in Queensbury. We can only hope that one of those JC Penney department stores will be spared.