Coresight research estimates in 2025 will have another wave of retail closure because heritage companies are facing relentless competition.
JCpenNE is going to be closed “A handful of stores” in the coming months while trying to keep up with the rapid change in market conditions.
“While we do not have a plan to dramatically reduce the number of our stores, we expect a few JCPENNE stores to close by mid -year,” a spokesman told Fox Business.
Eight places are closed throughout the country, citing reasons such as “expired rentals” and “market changes”.
According to the SB360 Capital Partners, which sells dissolution, a store is shutting down in each of the following states: California, Colorado, Idaho, Kansas, Maryland, North Carolina, New Hampshire and West Virginia.
The company said the closure was not integrated with the Sparc Group, the parents of Aéropostale, Brooks Brothers, Eddie Baier, Lucky and Nautica, which was announced last month.
In January, companies agreed to combine to form a new organization called Catalyst Brands, where they intend to create a portfolio of six retail ads.
A JCpenNE store in Fashion Valley, a luxurious shopping center on December 13, 2024, in San Diego, California. (Kevin Carter / Giti Pictures) / Gett Pictures)
Before merging, JCPENNE opposed the slow traffic and low -cost sales for years and made it for forming bankruptcy At the height of the epidemic. The company of bankruptcy in 2020 as a private company after purchasing by Simon Properties Group and Brookfield Asset Management Inc.
Under the Rescue Agreement, JCpenney agreed to permanently close a third of its 846 stores as part of its reconstruction. Its leadership also tried to make the company a place for working families to strengthen traffic.
A JCpenNE store that is closing after the store chain is registered to protect the bankruptcy of Season 11 at Fashion Square Mall. (Paul Hennessy/SOPA Images/LightroCket through Getty Images)/Getty Images)
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Mark Rosen, CEO of JCPENNE, told Fox Business in 2023 that the company was trying to rebuild its product and to make sure it is a cheaper alternative to other sector stores to enhance customer frequency. He also announced that it would inject more than $ 1 billion to the business to upgrade its storeflies.
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