Several JCPenney stores across the country will reportedly close their doors soon.
According to USA Today, seven additional stores will close on May 25:
What we don't know:
JCPenney would not confirm the list of closures to FOX Local.
The backstory:
JCPenney, which emerged from Chapter 11 reorganization in December 2020 with new owners, not only has grappled with years of internal issues but also faces an uncertain economy that has challenged healthier department stores.
The chain's core customers are budget-conscious families, whose median income ranges from $50,000 to $75,000. They've been particularly hit hard by higher costs basic items and high interest rates, making borrowing on credit cards and taking out a mortgage more expensive.
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The company filed for bankruptcy reorganization in May 2020 after the pandemic-induced temporary closing of stores put the already struggling retailer deeper in peril.
JCPenney CEO Marc Rosen told FOX Business in 2023 that the company had been working to revamp its product offering, making sure it's a cheaper alternative to other department stores, to boost customer frequency. It also announced that it was infusing more than $1 billion into the business to enhance its store portfolio.