JCPenney is set to close several of its locations by mid-year.
The retailer cited expiring lease agreements, market conditions and other business considerations behind its decision to shutter what it described in a statement to TODAY.com as applying strictly to a "handful" of stores.
"While we do not have plans to significantly reduce our store count, we expect a handful of JCPenney stores to close by mid-year," the company said in the statement. "The decision to close a store is never an easy one, but isolated closures do happen from time to time due to expiring lease agreements, market changes or other factors. These closures are unrelated to the recent Catalyst Brands merger."
The department chain has faced financial struggles in recent years, including a Chapter 11 bankruptcy filing in 2020. In January, JCPenney merged with the multi-brand retailer SPARC Group to form Catalyst Brands, uniting six retail names including Aéropostale, Brooks Brothers, Lucky Brand and more.
In the statement, JCPenney expressed appreciation for employees and customers affected by the changes.
"We are grateful to our dedicated associates and the loyal customers who have shopped at these locations. We continue to work to make every dollar count for America’s diverse, working families and welcome them to shop at one of our ~650 other JCPenney stores across the country and at JCPenney.com," the statement concluded.
A list of affected stores was reported first by Axios.
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