JCPENNEY is closing down two more locations in the US soon, one of which has been open for over 30 years.
It comes after the struggling company shut eight other locations this year, and 200 more since its devastating bankruptcy filing.
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Shoppers can save money on merchandise and even the equipment used in the store[/caption]
JCPenney has recently announced massive liquidation sales at two stores in California and Pennsylvania.
The Pennsylvania store is offering shoppers a massive 70% off on items right now.
According to a Facebook post from one shopper at the store, located at Beaver Valley Mall in Monaca, near Pittsburgh, the entire store is 50% to 70% off.
According to a sign in the store, the sale has “Nothing held back!”.
Shoppers can save money on things like furniture, fixtures, and equipment, as well as regular merchandise.
Only a fall 2025 date has been given for when the store will close.
The California store, located in the Westminster Mall, has been open for 32 years.
It is the oldest store in the 51-year-old mall, but by November 21, it will be gone for good.
The store will be closed to the public on November 16.
But in the meantime, shoppers can get massive savings on items across the store, up to 20% off, according to Reddit shoppers.
A JCPenney spokesperson told The U.S. Sun in an emailed statement that the company was unable to afford the lease on the location.
It said: “Regretfully, we are unable to continue our current lease terms for this store location and have been unable to find another suitable location in the market.”
The company concluded the statement with a thank you to the staff for their work, and a direction to customers to head to other JCPenney stores.
The California closure will impact all 76 of the employees currently working there.
Why are JCPenney stores closing?
JCPenney has hit the headlines after it emerged that the chain will close a number of stores within the coming months.
The once-booming department store chain has faced declining sales and has struggled to reel in new customers.
The emergence of online shopping hit brick-and-mortar stores and shopping malls.
When the Covid-19 pandemic occurred, retailers, including JCPenney were dealt another blow which proved fatal for many.
The retailer’s financial struggles came to a head in May 2020 when it filed for bankruptcy protection with around $4 million in debt.
The subsequent restructuring saw a slew of closures as the retailer embarked on a new strategy for sustainable growth.
175 stores shuttered nationwide between 2020 and 2021.
However, even after being bought out, the company is continuing to struggle with sales especially as consumers tighten their belts due to the high cost of living and inflation.
JCPenney’s latest Q4 net sales dropped to $2.3 billion, a 5.9% year-over-year decline while net income fell by 8.9% to $41 million.
BANKRUPTCY BLUES
The eight JCPenney stores that have closed so far this year were situated in several malls across the US.
They were located in multiple states, including California, Colorado, Idaho, Kansas, New Hampshire, North Carolina, and West Virginia.
JCPenney said that these stores were shut due to expiring leases and market changes.
The company also noted that there are no more plans for mass closures other than the one in California and Pennsylvania.
It follows a massive reconsolidation effort, which saw the closure of 200 JCPenney stores as a result of the bankruptcy filing.
These stores were closed while the company restructured, a strategy needed to combat the mess that COVID left behind, bosses said.
They added that the pandemic was the final blow to a company that had been struggling for many years before that.
JCPenney has recently announced massive liquidation sales at two stores in California and Pennsylvania[/caption]
