New Bern JC Penney among 154 stores closing this summer
JC Penney Company has announced the first phase of 154 store closures, including five in NC and one here in eastern Carolina.
The JC Penny store at the Twin Rivers Mall in New Bern will close.
Store closing sales will begin at the 154 locations the week of June 12th and are expected to last from 10 to 16 weeks.
"While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come," said Jill Soltau, chief executive officer of JCPenney. "I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers' expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect."
As previously announced on May 15, JCPenney entered into a restructuring support agreement with lenders holding approximately 70 percent of JCPenney's first lien debt to reduce the Company's outstanding indebtedness and strengthen its financial position. To implement the financial restructuring plan, the Company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The other stores closing in NC are in Henderson, Lumberton, North Hills Shopping Center in Raleigh and in Rockingham.