Pier 1 to Close all Stores, JCPenney to Close 240 stores!
The impact of the coronavirus pandemic along with the “challenging retail environment” is taking it’s toll on businesses, even big ones such as Pier 1 and JCPenney. Pier 1 has announced it will be closing all of its stores. Pier 1 is currently accepting orders on its website and said it will “initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials.”
JCPenney plans to close about 240 stores, or roughly 30% of its total locations, the company said in a presentation filed Monday with the Securities and Exchange Commission. The company said it planned to close stores in weaker malls. This will ultimately increase its share of locations in stronger malls — or “A” and “B” malls — from 58 to 62%. The plan is to reorganize and stay in business.
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