J.C. Penney on Thursday revealed its initial list of proposed stores to be closed permanently as the company tries to stabilize its finances under Chapter 11 bankruptcy protection, including six in Oklahoma.
The department store chain, the largest company to file for bankruptcy protection so far during the coronavirus pandemic, had already said it would close 242 locations for good, leaving about 600 open. But it had not yet revealed which locations were poised for liquidation.
In a bankruptcy court filing Thursday, the company listed the first 154 locations to close.
Bankruptcy Judge David Jones is expected to hold a hearing on June 11 to consider the proposal. Assuming he signs off, going-out-of-business sales could begin immediately. They are expected to last 10 to 16 weeks.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” J.C. Penney CEO Jill Soltau said in a statement.
The closures include nine in California, nine in Ohio, eight in Indiana, eight in Florida, seven in Georgia, seven in New York, seven in Texas, six in Kentucky, six in Oklahoma, six in South Carolina, six in Tennessee.
The announcement comes as J.C. Penney is gradually reopening stores that have been temporarily closed due to the coronavirus pandemic. The company said nearly 500 had reopened as of Thursday.
J.C. Penney stores closing in Oklahoma