Posted on May 16, 2020
J.C. Penney Files For Bankruptcy As Lockdowns Take Their Toll
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In its 118-year history, J.C. Penney has gone from a Wyoming-based dry-goods store to being a key pillar of the American mall.
But like many malls across the country, J.C. Penney has been struggling for some time. The coronavirus lockdowns finally took the department store over the brink. The company said Friday that it's filing for bankruptcy and plans to close some of its stores "in phases," the timing and scale of which will be disclosed "in coming weeks."
But like many malls across the country, J.C. Penney has been struggling for some time. The coronavirus lockdowns finally took the department store over the brink. The company said Friday that it's filing for bankruptcy and plans to close some of its stores "in phases," the timing and scale of which will be disclosed "in coming weeks."
J.C. Penney Files For Bankruptcy As Lockdowns Take Their Toll
Posted from npr.org
Retail
Bankruptcy
Posted >1 y ago
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JC Penney was a chain of store in downtown areas long before malls. They have been in dire straits for the last decade. Around 2011 they decided to cease their coupon based advertising and go to everyday low pricing. The CEO at the time was new to the business having worked at Apple and Target before that. He made the fruitless decision to model Penney's approach after Apple's where he came from. He didn't seem to understand the difference between Apple and Penney's, Apple's products were unique to Apple. The same couldn't be said of JC Penney. Not surprisingly he was out of a job in less than a year and a half
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