J. C. Penney Company, Inc. (OTC MKTS: JCPNQ), parent company of the retailer JCPenney, plans to close stores at Destiny USA, along with locations in Auburn, Rome, New Hartford, and Oswego.
It will also shutter two other locations in New York state as part of 154 store closures. The company on Thursday announced the closures and described them as “the first step in implementing its store optimization strategy.”
JCPenney identified the 154 stores following a “comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit for the company,” per its news release
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Store closing sales will begin at the 154 locations following entry of an order at a June 11 hearing with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas, the company said.
Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete.
JCPenney says it intends to reduce its store footprint and focus resources on its strongest stores and e-commerce flagship store, jcp.com.
As previously announced on May 15, JCPenney entered into a restructuring support agreement with lenders holding about 70 percent of JCPenney’s first lien debt to reduce the company’s “outstanding indebtedness and strengthen its financial position.”
To implement the financial restructuring plan, the company filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code.
Affected stores
JCPenney says it plans to close the following stores:
- Destiny USA in Syracuse
- Finger Lakes Mall, near Auburn
- Sangertown Square Mall in New Hartford
- Oswego Plaza in Oswego
- Freedom Mall in Rome
- Roseland Shopping Center in Canandaigua
- Batavia City Centre in Batavia
