Days after filing for bankruptcy, J.C. Penney says it plans to close more than a fourth of its stores.
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, which ends in February 2021, 192 stores are expected to close and then 50 in the next fiscal 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.