J.C Penney announces plans to reopen 153 stores amid a pandemic
Category: #retail  By Pankaj Singh  Date: 2020-05-22
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J.C Penney announces plans to reopen 153 stores amid a pandemic

While American department store chain J.C. Penney Company, Inc., may have got extra time with Chapter 11 bankruptcy filing, a countdown is still looming on the company’s scheduled exit from bankruptcy in November.

J.C. Penney was in headlines recently when it announced plans to reopen more than 150 of its outlets across the nation after temporarily closing due to the COVID-19 pandemic. The company will reopen its stores in Texas, Florida, Indiana, and Ohio this week.

Speaking on which, Jim DePaul who is the Executive Vice President of Stores at JCPenney said that the company is thrilled to welcome its customers and associates back to JCPenney stores in Indiana. The safety and health of its customers, associates, and communities is the top priority of the company and it would provide an engaging shopping experience to everyone, Mr. DePaul stated.

DePaul added the company is taking a strategic approach in reopening its retail stores across the nation and would continue doing so in a phased strategic approach based on guidelines from the local, CDC, and state mandates.

JCPenney is following CDC guidelines and taking proactive steps to offer a safe environment in its all retail stores. The company will implement numerous safety measures such as social distancing, reminders in stores, contactless checkout, cleaning, contact-free pickup, and many others.

According to sources, J.C Penney is working on its business plan and filed a preliminary version of the same with the Securities and Exchange Commission. The company revealed in the filing that it could close up to 242 of its 846 stores. Around 192 stores out 242 are in leased space while the remaining 50 are in a building owned by Penney. Before the coronavirus outbreak, the planned go-forward fleet of 604 stores had higher profitability and average sales.

Source Credit -  https://www.dallasnews.com/business/retail/2020/05/20/jc-penney-reopens-153-stores-as-key-dates-and-triggers-threaten-its-bankruptcy-reorganization/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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