jcpenney news and archive

An estimated 80,000 US retail stores to close by 2026

A prognosis on the state of US retail shows 80,000 stores may close by 2026. The impact of the pandemic has shooed global consumers to shop online, with investment analysts at UBS estimating 27 percent of all goods purchased at retail will be made online by the end of 2026. That’s up 18 percent of total retail today. The store closures equate to...

Apr 7, 2021

Fashion

JCPenney reinvents its Xersion activewear label

JCPenney has redesigned its activewear label, Xersion, for the first time since its launch in 2008. The retailer is working to strengthen its branded merchandise offerings in 2021. “We are kicking off 2021 in the best way possible – offering new and improved merchandise to our customers,” Michelle Wlazlo, JCPenney's executive vice president and...

Jan 8, 2021

Management

JCPenney CEO steps down, search for successor underway

JCPenney has announced that its CEO Jill Soltau has exited the company in the same month the business emerged from Chapter 11 bankruptcy. The iconic US department store chain’s new owners, Simon Property Group and Brookfield Asset Management, said they have started a search for a new CEO who should be “focused on modern retail, the consumer...

Dec 31, 2020

Business

2020: Fall of fashion brands, retailers and series of Chapter 11 bankruptcies

A look-back at the year 2020 reveals how fashion brands and retailers suffered due to dwindling sales, low footfall, high debts, high rentals, inefficient operations, out-dated merchandise assortment and high inventories, among other issues. The coronavirus pandemic added to the woes of these already troubled retailers leading them to file for...

Dec 28, 2020

Management

JCPenney emerges from Chapter 11 bankruptcy

Iconic US department store chain JCPenney has exited Chapter 11 bankruptcy just in time for the vital holiday shopping period. The company announced Monday it has completed its previously announced sale, under which Simon Property Group and Brookfield Asset Management, Inc. have acquired substantially all of the company’s retail and operating...

Dec 8, 2020

Fashion

JCPenney launches new private label brand in new clothing category

JCPenney has announced the launch of a new private label brand, shortly after the retailer wasacquired by Brookfiled and Simon. Called Stylus, JCPenney's new apparel brand is described as "styleisure," designed to comfortably elevate everyday style. The department store chain said in a press release that styleisure is different from athleisure...

Nov 13, 2020

Report

JCPenney expects to exit Chapter 11 bankruptcy ahead of the holiday season

J. C. Penney Company, Inc. has entered into an asset purchase agreement (APA) with Brookfield Asset Management, Inc, Simon Property Group and a majority of the company’s DIP and First Lien Lenders. The company said in a statement that Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets through a...

Oct 29, 2020

Business

JCPenney one step closer to exiting chapter 11 anticipating holiday season

JCPenney said it is near to exiting Chapter 11 ahead of the busy December 2020 holiday season. The a beleaguered retailer filed a draft asset purchase agreement towards finalization of the acquisition by Brookfield Asset Management, Inc. and Simon Property Group, Inc. They are expected to buy substantially all of J.C. Penney's retail and...

Oct 21, 2020

Report

Mall owners Brookfield and Simon to pull JCPenney out of bankruptcy

J.C. Penney Company, Inc. has announced that it has reached an agreement in principle to sell JCPenney through a court-supervised sale process to Brookfield and Simon for 1.75 billion dollars, which includes a combination of cash and new term loan debt. “We have determined that an agreement with Brookfield and Simon, as well as the formation of...

Sep 10, 2020

Report

JCPenney to cut 1000 jobs, close 152 stores

J. C. Penney Company, Inc. is aligning its workforce with its store optimization strategy and reduced store footprint. The company said in a statement that JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the company and is having ongoing negotiations with landlords. In...

Jul 16, 2020

Management

JCPenney to close 13 more stores

Struggling retailer J. C. Penney Co. Inc. has issued a new list of 13 more stores to be closed permanently as part of its Chapter 11 bankruptcy process. The department store chain would begin liquidation sales at the stores on July 3, pending court approval. The latest store closures reportedly include seven in Michigan, and the remaining in New...

Jun 24, 2020

Retail

JCPenney begins liquidation process in 137 stores

JCPenney is officially closing 137 locations across the U.S., with closing sales already underway. These closures mark the first steps in JCPenney's store optimization strategy, which focuses on driving sustainable, profitable growth. The company intends to reduce its store footprint in favor of putting more resources on its strongest stores and...

Jun 18, 2020