Coresight research is estimated that there will be another wave of retail sealing operations in 2025, when old companies face unrelenting competition.
JCPENNEY plans to close A handful of stores in the coming months, as it struggles to keep pace with the changing market conditions quickly.
“While we have no plans to reduce the number of our stores significantly, we expect to close a handful of JCPENNEY stores by mid -year,” a company spokesman told Fox Business.
Eight sites across many states are closed, as the company indicates reasons such as “rental contract agreements” and “market changes”.
According to SB360 Capital Partners, which takes off the filter sales, one store is stopped in both the following states: California, Colorado, Idaho, Kansas, Maryland, North Carolina, New Hampshire, West Virginia.
The company said that the closures were not linked to its merging with the Sparc group, the father of Aéropostale, Brokes Brothers, Eddie Bauer, Lucky Brand and NAUTICA, which was announced last month.
In January, companies agreed to combine the formation of a new organization, Catalyst Brands, where they plan to create a group of six parties for retail.
Fashion Valley, JCPENNEY Multiple Store, Fashion Valley, a sophisticated commercial center on December 13, 2024, in San Diego, California. (Kevin Carter / Getty Images) / Getty Images)
Before the merger, JCPENNEY ranked with a slowdown on foot and dull sales for years, causing it to protect bankruptcy At the height of the epidemic. It appeared from bankruptcy in 2020 as a private company after obtaining it by Simon Property Group and Brookfield Asset Management Inc.
Under the rescue deal, JCPENNEY agreed to close nearly a third of its stores 846 as part of its restructuring. It also tried to lead it to put the company as a place for the working families so that it could enhance traffic.
The JCPENNEY store, which works in the closing phase, is seen after the chain of stores presented in Chapter 11, bankruptcy protection at Fashion Square Mall. (Paul Hennessy/SOPA Images/Lightrockket via Getty Images)/Getty Images)
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Mark Rosen, CEO of JCPENNEY, told Fox Business in 2023 that the company was working to renew its products, while ensuring that it is a cheaper alternative to other stores, to increase customer frequency. It also announced that it was raising more than a billion dollars at work to boost the store wallet.
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