PLANO, Texas – J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) today announced that it has taken the first step in implementing its store optimization strategy. Following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit for the Company, JCPenney identified the first phase of 154 store closures. Following entry of an order at the June 11, 2020, hearing with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas, store closing sales will begin at 154 locations.
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The Company expects additional phases of store closing sales will begin in the coming weeks. As the Company remains focused on its Plan for Renewal and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful eCommerce flagship store, jcp.com. Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete.
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“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said Jill Soltau, chief executive officer of JCPenney. “I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers’ expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect.”
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Ms. Soltau continued, “We will remain one of the nation’s largest apparel and home retailers as we continue to operate a majority of our stores and our flagship store, jcp.com, to ensure our valued customers continue to have access to the products and brands they need and want. As of June 4, 2020, we have reopened nearly 500 stores since government officials have eased COVID-19 restrictions and we look forward to opening more. We are excited to welcome back our customers and associates at these locations, and we will continue to take actions to be best positioned to build on our over 100-year history.”
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The list of 154 stores that will begin closing sales can be found on the JCPenney Blog. JCPenney continues to monitor CDC guidelines, as well as state and local mandates, to inform its practices, taking extra precautions and going above and beyond those recommendations to ensure the safety of its associates and customers.
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The Enid, Oklahoma store located in Oakwood Mall is included in the list of closings. Here is a list of Oklahoma stores:
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Oakwood Mall
4125 W Owen K Garriott Rd
Enid, OK 73703
580-234-8141
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Tandy Town Shopping Center
1744 E Carl Albert Pkwy
McAlester, OK 74501
918-423-9090
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Town Center Plaza
7271 SE 29th St
Midwest City, OK 73110
405-739-0130
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Arrowhead Mall
501 N Main St, Ste 118
Muskogee, OK 74401
918-683-6521
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Shawnee Mall
4901 N Kickapoo Ave Ste 4000
Shawnee, OK 74804
405-275-2242
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Tulsa Promenade
4101 S Yale Ave
Tulsa, OK 74135
918-627-8500
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As previously announced on May 15, 2020, JCPenney entered into a restructuring support agreement with lenders holding approximately 70 percent of JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position. To implement the financial restructuring plan, the Company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
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JC Penney Closing Enid Location
So sad the JC Penny store is closed at the Enid location. My source of clothes and shoe purchases.