JCPenney Announces Bankruptcy Due to Coronavirus | Store Closing Sales Start June 12th
JCPenney is closing more stores!
Update: JCPenney has released a list of the first 154 stores that will be closing. Store closing sales are expected to begin on June 12th.
JCPenney has announced that due to the coronavirus pandemic they are filing for bankruptcy. This doesn’t mean JCPenney is going away, though!
Select stores, as well as the JCPenney website, will remain open, so you’ll still be able to grab great deals both in-store and online.
The list of retail stores that are closing won’t be announced for another few days.
This isn’t the first time the major retailer has closed stores, last year we shared that JCPenney was closing 18 stores in 2019 and has closed 138 stores in 2017 to help with financial issues.
Although we’re sad to hear that more stores will be closing, Jill Soltau, the chief executive officer of JCPenney seems optimistic!
Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come. We believe the RSA and the widespread support we have received from our asset-based lenders and first lien lenders will allow us to pursue a financial restructuring on an expedited timeframe. We are also encouraged by the level of support we have received from our vendor partners, landlords, and other stakeholders, whose confidence in our business and our people is expected to contribute to a successful reorganization.
I loved shopping at JCP back when they had the low prices and no coupons. I don’t get why people would rather have higher prices to be able to use a coupon.
Exactly!!! You could go in there and get stuff for almost nothing. Then people threw a fit and they went back to jacking up prices so they could give out coupons.
I still go and get stuff for almost nothing. Love it.
Thank you!!! Agreed 100%
The prices on the stuff I was interested in were higher during that period.
Exactly. Their prices were WAY TO HIGH!!!!
Sad! I love jcp.
They paid out huge bonus just the other day before filing bankruptcy.
Yep. I heard about that. The article said they paid them out early so the executives could get them before the company potentially filed bankruptcy and couldn’t pay the bonuses.
What a surprise.. 🤦🏻♀️
I saw that too…that solidified my decision never to shop there again.
I hope they don’t close! I like their petite section. I’m in my mid 20s and I actually like their styles, unlike most stores’ petite section.
I will continue to support them. I love shopping there and online!
I have loved them for years, but just had a horrible customer service from them right before this happened. I could tell things were not going to end well for them.
I bet their JCPenney photo studios owned by Lifetouch will shut down too. What a bummer, I just got gift cards and hopefully will still be able to use them. Stores in my state are just curbside pick up only and not much choice online.
I got an email that they are being sued by a lady. Because when she signed up for text alerts, it said 8 texts a month. And she was sent 9. NINE!!! So now they are being sued because they sent 9 texts, instead of 8. I cannot believe some people!!!! Holy moly!
I received the same email. It’s ridiculous what people will do these days.
Yep same here and it said that everyone who receives txt messages from them would get a $10 store credit, lol
Don’t blame the lady..blame the lawyer that took her case. Lawyers have ruined this country.
It isn’t called the Chinese flu
Oh no I love JCP!! My hubby took me there twice for the mother’s day sale and everything on clearance was buy one get one free. We got 2 ski jackets normally $120 ea. for $5 each! bought a 10 super cute shirts, obviously winter clearance but I got a great mix of flannel, sweater, long sleeve t’s and dressy tops, my total was under $25, I think I saved something like $500! I came home and bought more on-line, the prices were amazing. Darn I sure hope they don’t file, its one of my favorite places to shop because they carry tall leggings and jeans. Such sad news.
I love the sales. It is awesome to get stuff almost free.
Seriously? 🤦🏻♀️
This is the email from JCPenney’s JCPenney’s CEO Explains How the Company is Positioning for the Future Dear Valued Customer, I want to assure you: JCPenney is NOT going out of business. JCPenney will continue to be one of the nation’s largest apparel and home retailers. Our expansive footprint will still include hundreds of stores across the U.S. and Puerto Rico, as well as our online flagship store, jcp.com.
I liked JCP, but I knew this was coming.
Didn’t they just give their higher ups multi million dollar bonuses?
Yes – right after they furloughed a ton of employees and then filed bankruptcy. I won’t be shopping there again even if they do stay open.
I live in a rural community and this is one of our only places to shop. If our store closes down it will make things hard. No where else but Walmart to purchase kids clothes for another 70 miles.
I don’t shop at Walmart so it would be miserable for me.
Admin please remove this comment!!!!!!! This is unacceptable
My Asian friends call it Kung flu.
So sad..so many jobs lost
Man! I’ve been using up all my gift cards from xmas, for fear of this situation, there are other stores in danger as well so if you have gift cards do not wait!
Omg…yes good idea. I have to get spending
Bought a ton of clearance clothing online before lockdown . Need to return a lot of them. Are they accepting returns in store, must be a couple hundred dollars worth of stuff I need to return.
I think this is the result of them not getting with the times. They have good sales on items but their free shipping threshold is always so high that myself and people I know decide not to buy. Once in a while we combine our orders into one to get free shipping, but that is rare. I would say buying a top for a couple of bucks but needing to buy $49 worth of stuff is a terrible deal. If they are going to make it to where I need to buy $49 worth of stuff I will order online less often(maybe once a year). I love shopping in their store and will always find a good deal using coupons, but I rarely go into the actual store. I tend to mainly only go shop in store during the holiday season. Most people shop online nowadays and if they lowered their free shipping threshold to $25 once in a while they would be making bank.
I shop in store only. I agree the free shipping is to high so I have never shopped online. Only in store.
I agree completely. I would have shopped online if they lowered the shipping cost or offered it free.
They canceled my mom’s store credit card in January without telling her. It was one of her oldest cards. She got it in the late 70s or early 80s. She only found out when she looked at her credit report in April. She called and they refused to reopen the card. She refuses to shop there again.
Let’s be honest Covid19 is just an excuse Jcpenney has been struggling to keep up for a while I remembered the company was structured due to bad corporate decisions now they have to face the consequences…I personally love JC and it’s sad to see them go ..😢
I love JCPenney. The clothes are awesome. My 15 year old granddaughter loves shopping there. With coupons and rewards we get clothes that are affordable and they last forever. She has given her old clothes to her half sisters and they are still handing them down to her other sisters. LOL We will miss them if they close. The clothes are better made and cheaper than most stores.
The surprise is that they are still open, along with K-Mart and Sears.