J.C. Penney to Close 242 Locations as Part of its Bankruptcy

J.C. PENNEY says it plans to close more than a fourth of its stores, days after filing for bankruptcy.

According to a document filed with the Securities and Exchanges Commission on Monday, approximately 29% of the retailer’s 846 stores, or 242 locations, will close between the current fiscal year and next fiscal year.

For the current fiscal year, 192 stores are expected to close and then 50 the following year, the document notes. After the closings, the company will have 604 remaining locations.

“The approximately 604 future fleet represent the highest sales-generating, most profitable, and most productive stores in the network,” J.C. Penney said in the SEC filing.

Last week’s bankruptcy filing came after several years of declining sales and strategic missteps as J.C. Penney careened from one reinvention strategy to another.

A list of which locations will close as part of J.C. Penney’s restructuring has not yet been released.

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