JC Penney Closing More Stores. Is Crossroads Mall Store Safe?
The term "troubled retailer" seems redundant. With the exception of a few like Target, Kohl's, and any online store, it seems like all retailers are to some degree troubled. JC Penney was one of the highest-profile retailers to file for bankruptcy in May of last year, in the heart of the pandemic. At that time the plan was close to more than a quarter of their retail locations. According to USAToday, that figure came out to 242 of 846. This week, the company announced two additional closings, one in Mississippi and another in Texas.
Barring any changes, the store at the Crossroads Mall is safe for now. JC Penney closed their location in Battle Creek at the Lakeview Square Mall, but still is operating with two stores in the Grand Rapids area, one in Jackson and one in Lansing.
USAToday says JC Penney's current store count, after these two current closings, is 670. The company emerged from bankruptcy owned by two mall operators (Simon Property Group and Brookfield Asset Management) and is still acting like it's counting on making a recovery.
In the past two weeks, it announced a partnership with "superstar designers" husband and wife team Courtney and Robert Novogratz. Beginning today, the "Back to Everything collection – an uplifting assortment of modern and functional furniture, lighting, wallpaper, bedding, and rugs" will be available for a limited time in select stores and online.
Also announced today, JC Penney will be selling the Juicy Couture line of celebrity-inspired athletic leisurewear.
Here are 50 of your favorite retail chains that no longer exist.
CHECK IT OUT: See the 100 most popular brands in America