J.C. Penney plans to close 15 additional full-line stores and nine home-and-furniture locations as the retailer struggles to get its footing amid significant challenges for department stores, USA Today reported. The chain announced today that it would close the stores because they are not performing well or "represent a real estate monetization opportunity." J.C. Penney had been reviewing its locations for potential closures as it seeks to cut costs amid a downturn in sales. The retailer had 864 department stores as of Nov. 3, according to a public filing. The latest move comes after the company had already announced three full-line store closures in January, bringing the total closures for 2019 to 30. Sales at J.C. Penney stores open at least a year fell 4 percent in the fiscal fourth quarter, which includes the critical holiday shopping season. Read more.
Occupancy issues are at the heart of many significant retail cases, as detailed in the ABI publication Retail and Office Bankruptcy: Landlord/Tenant Rights, available at the ABI Store.
