J.C. Penney Company announced yesterday (Thursday) they will soon begin the first phase of permanent store closures, including their location in downtown Carroll. Closing sales are expected to begin at the 154 identified sites on June 12 following a hearing in the U.S. Bankruptcy Court for the Southern District of Texas. JCPenney CEO, Jill Soltau, says “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.” The company initially filed for bankruptcy on May 15 due largely to pressures placed on the store by the pandemic. Their focus will shift to their more profitable locations and online sales through jcp.com. Saltau says, “I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers’ expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect” Benefits-eligible employees will be offered a severance package pending court approval. According to JCPenney’s corporate office, the closing sales are expected to take 10 to 16 weeks to complete, which would put the Carroll store’s final day likely somewhere between Aug. 21 and Oct. 2. The only other Iowa location scheduled to close in this round is in Marshalltown. For the full list of stores identified for closure or more information on the company’s restructuring plan, follow the links included below.
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https://companyblog.jcpnewsroom.com/storeclosings/
http://www.jcprestructuring.com/
