JCPenney is preparing to close multiple stores in eight different states.
The company confirmed that stores will be shutting their doors this year in a statement shared with The Independent on Wednesday. However, JCPenney said that the move is “unrelated to” the brand’s recent merger with the SPARC Group, which formed helped Catalyst Brands, an organization of six major retailers.
“While we do not have plans to significantly reduce our store count, we expect a handful of JCPenney stores to close by mid-year,” a spokesperson for JCPenney said.
“The decision to close a store is never an easy one, but isolated closures do happen from time to time due to expiring lease agreements, market changes or other factors,” the representative continued. “We are grateful to our dedicated associates and the loyal customers who have shopped at these locations. We continue to work to make every dollar count for America's diverse, working families and welcome them to shop at our other JCPenney stores in the area and at JCPenney.com.”
On its website, SB360 Capital Partners has posted the eight JCPenney stores — each in different states — that are being shut down. Here’s the list of department stores being closed and where they are:
-JCPenney at The Shops at Tanforan in San Bruno, California.
-JCPenney at The Shops at Northfield in Denver, Colorado.
-JCPenney at the Pine Ridge Mall in Pocatello, Idaho.
-JCPenney at West Ridge Mall in Topeka, Kansas.
-JCPenney at Annapolis Mall in Annapolis, Maryland.
-JCPenney at Asheville Mall in Asheville, North Carolina.
-JCPenney at Mall at Fox Run in Newington, New Hampshire.
-JCPenney at Charleston Town Center in Charleston, West Virginia.
In January, JCPenney confirmed its merger with SPARC Group — which owns Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand, and Nautica — to create Catalyst Brands. Marc Rosen, formerly the chief executive officer of JCPenney who became CEO of Catalyst Brands, said his “business brings together the rich heritage of six unique brands with modern energy and a new vision for success.”
“Together, we bring scale, expertise and broad appeal to customers across America,” Rosen said in a statement at the time. “For us, customers are at the heart of what we do. We have a shared belief that customers deserve fashion and style of great quality for any and every moment in life. We will leverage our resources and best-in-class industry talent to grow our brands further.”
During the Covid pandemic, JCPenney filed for Chapter 11 bankruptcy as the company agreed with lenders to reduce its billions of dollars of debt and explore sale options.
“We look forward to emerging from both Chapter 11 and this pandemic as a stronger retailer, continuing to implement our Plan for Renewal, and building capabilities focused on satisfying customers’ wants and needs,” Jill Soltau, former chief executive officer of JCPenney, said in a statement at the time.
JCPenney isn’t the only major retailer that’s announced a handful of store closures. Last year. Big Lots announced it was closing more than 300 stores across the U.S. The news came after the company announced a 10 percent sales drop, equating to about $205 million. In a subsequent regulatory filing, the company said it would increase the number of store closures to 315 as part of a loan agreement.
In December, Party City announced it was closing down all of its stores in the U.S. after 40 years of business. CEO Barry Litwin held a meeting on December 11 with staff to announce the news, notifying them that it would be their last day of employment. The company — which had roughly 6,400 full-time and 10,100 part-time workers nationwide — wouldn’t give out severance pay and benefits will end as the company closes, Litwin said.
Store closures are expected to continue in 2025, according to a report published by Coresight Research in January. Coresight Research expects store closures to go up to approximately 15,000 in 2025. In 2024, US store closures totaled 7,325, which is the highest it’s been since 2020 when there were nearly 10,000 closures.
