JCPenney says it will close about 240 stores after filing for bankruptcy

JCPenney plans to close about 240 stores, or roughly 30% of its total locations, the company said in a presentation filed Monday with the Securities and Exchange Commission.

The closings would bring JCPenney’s total store count from 846 stores now to about 604 locations, and drop net store sales from about $9.2 billion in fiscal 2019 to about $7.5 billion, the company said.

The plan “reflects latest thinking on stores as of April 2020” and the “exact number continues to evolve,” the presentation said.

The embattled department store chain filed for chapter 11 bankruptcy protection on Friday.

The company said it plans to close stores in weaker malls. This will ultimately increase its share of locations in stronger malls — or “A” and “B” malls — from 58% to 62%. 

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