One of the largest department stores in the United States will close four branches.
Once-booming JCPenney has faced declining sales and has been slowly shrinking its presence since the pandemic.
The four closures are in several states: Alabama, Texas, Maine and Maryland.
Three of them are scheduled to close in early September: Shoppes at Bel Air in Mobile, Alabama; Sikes Senter in Wichita Falls, Texas; and Elm Plaza in Waterville, Maine.
The fourth, at the Westfield Annapolis mall in Annapolis, Maryland, is set to close in 2025.
The four JCPenney closures are in multiple states: Alabama, Texas, Maine and Maryland.
Like rival Macy’s, JCPenney has been fighting a trend among Americans to shop increasingly online.
This trend is strongest among younger shoppers, who view department stores in particular as old-fashioned.
Earlier this year, Macy’s said it would close 150 stores over the next three years, leaving it with 150.
But JCPenney bosses are painting a slightly rosier picture.
Last month, Simon Property Group CEO David Simon said he was not planning any major closures and might open some.
In fact, he said all four closures were due to the fact that he was unable to renew the leases and that he had tried to find alternative locations in those areas but was unsuccessful.
Cain’s also recently closed a location in Wayne Towne Center in Wayne, New Jersey, and opened across the street.
The 122-year-old retailer has faced enormous challenges in recent years. In 2020, it filed for Chapter 11 bankruptcy, leading to the closure of 200 stores.
Brookfield Properties and Simon Property Group bought JCPenney out of bankruptcy in 2020.
In 2023, it closed three more: in Oswego (New York), Elkhart (Indiana) and Detroit Lakes (Minnesota).
And in February of this year, it closed another branch in Ukiah, California, a small town in the north of the state.
JCPenney currently has about 660 stores, almost all of them anchor stores in malls. It has not experimented with off-mall locations as rivals such as Macy’s have done.
Before the pandemic, things were more optimistic. There was a partnership with Rihanna and her cosmetics brand Fenty Beauty.
Rihanna attends Fenty Beauty’s 1st Anniversary at Sephora inside JCPenney on September 14, 2018 in Brooklyn, New York
The 122-year-old retailer has faced enormous challenges in recent years. It filed for bankruptcy in 2020, leading to the closure of 200 stores.
“Unfortunately, we are unable to continue under our current lease terms for these store locations and have been unable to find suitable locations in the market,” the company said. Diving into retail last month.
‘We are grateful to our dedicated associates and loyal customers who have shopped at these locations over the years.
‘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.’
Brookfield Properties and Simon Property Group bought JCPenney out of bankruptcy in 2020.
In its most recent results, JCPenney saw sales fall 6 percent.
The JCPenney closures come amid a widespread “retail apocalypse” that is seeing brick-and-mortar stores struggle to combat rampant theft and increasingly tight margins.
By the end of April, US retailers had announced the closure of nearly 2,600 stores by 2024.
Walmart, the largest U.S. retailer, has closed 11 stores so far this year.
In early April, dollar store 99 Cents Only said it would close ALL 371 of its stores, while Best Buy closed ten. in March.
dollar tree is closing 1,000, and pharmacy Rite Aid almost 800.
In recent months, there have been a number of bankruptcies, along with store closures.
Express, a mall staple, filed for bankruptcy in April and said it would close 95 Express locations along with all of its UpWest stores.
In early May, Rue21, the teen fashion chain that is a fixture in malls across the United States, also said it will close all 543 of its U.S. stores.