A team of disposition firms consisting of Gordon Brothers, Hilco Merchant Resources, Great American Group and Tiger Group announced that they have commenced store closing sales at 137 J.C. Penney Company Inc. stores. The closures are the Company’s first step in implementing a planned store optimization strategy after filing for bankruptcy last month.
As the Company remains focused on its Plan for Renewal transformation strategy and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and e-commerce. Penney currently has about 850 locations.
The stores being liquidated will feature storewide discounts of 25 to 40 percent. All sales will be final starting June 25.
A spokesperson for the disposition group said, “Due to the name recognition and goodwill of this brand, we encourage consumers to shop early to take advantage of the best selection of products as we expect merchandise to sell very quickly. JCPenney store associates remain committed to providing customers with an engaging shopping experience while offering even better deals on the most popular merchandise.”
Closing Stores
J.C. Penney continues to monitor CDC guidelines, as well as state and local mandates, to inform its practices, taking extra precautions and going above and beyond those recommendations to ensure the safety of its associates and customers. The list of 137 closing stores, along with the safety precautions the Company is taking, can be found on the JCPenney Blog.
Other Stores Continue To Reopen
J.C. Penney continues to move forward with its strategic reopening plan with nearly all stores now open nationwide.
Photo courtesy J.C. Penney
