TYLER, Texas (KETK) – J.C. Penney will be closing nearly 250 of its 846 stores nationwide after filing for bankruptcy last week. The retailer said on Monday that the move is part of its restructuring plan.
192 of the stores will be shuttered by February 2021 and then an additional 50 over the following year. This means nearly 30% of all remaining stores in the company will be shutting down.
It is unclear if the Wichita Falls and Lawton locations will be closing as the list of those affected has not been released.
The company filed for Chapter 11 bankruptcy protection on Friday, blaming it on the dire economic impacts caused by the coronavirus. It is the biggest retailer to file for bankruptcy since the onset of the pandemic.
Other financially-stricken retailers include J.Crew and Neiman Marcus.