This Mall Mainstay May Be Closing a Store Near You
A department store that was once a staple in shopping malls across the country may be closing its location near you. This week, JCPenney filed filings in court announcing 144 of its stores will close following an initial bankruptcy filing in May 2020.
In September, the New York Times reported that the Plano, Texas-based department store had agreed to sell the retail business to Simon Property Group and Brookfield Property Partners, which primarily operate malls and outlets. The two companies would pay JCPenney $ 300 million for the rest of their retail stores and assume the company's $ 500 million debt.
entrance to jcpenney
However, according to the Wall Street Journal, it is still unclear how the company will emerge from bankruptcy after a group of JCPenney's lenders, led by Aurelius Capital Management, question the sharing of the proceeds from the sale of the company, preferring it to some lenders other.
JCPenney joins a long list of businesses lately struggling to make a profit and restructure amid the pandemic. So read on to find out if a store near you may be closing its doors in the near future. In other shopping news, Nordstrom was the first retailer to ban these products.
Family video shop outside
Video rental chain Family Video, which opened its first location in Springfield, Illinois, in 1978, recently announced plans to close 200 of its stores in the Midwest and South. "We have enjoyed serving so many churches over the years, but recent events have led us to make some difficult business decisions," the company said in a statement. And for more news of shop closings, that beloved 200-year-old shoe company could go missing.
royal cinema with sign indicating closure amid coronavirus
Cineworld Group, which owns Regal Cinemas, announced that all 536 Regal Cinemas in the US and 127 Regal and Picturehouse cinemas in the UK will close as early as October 8th. "We had to change direction and close the theaters and wait for a situation where the studios can come up with a solid release schedule," Cineworld CEO Mooky Greidinger told Deadline.
Sur La Table
Signs on a Sur La table in Santa Barbara, California announce the closure of the store
Sur La Table household goods store, which once operated 121 stores, filed for Chapter 11 bankruptcy protection in July. Just two months later, the chain announced it would close 56 of its stores and said in a statement that the decision was "a result of its financial implications the COVID-19 crisis ". If you would like to receive more shopping news in your inbox, subscribe to our daily newsletter.
H&M store front, brand names
H&M will close 250 stores next year, the company announced in early October. H&M, which operates 5,000 stores worldwide, has not yet announced which stores will close, but admitted the decision was related to the COVID-related slowdown in retail. "During the pandemic, more and more customers started shopping online," the company said in a statement.
Bed bath in addition
Bed bath and beyond with shop closing sign
Popular household goods giant Bed Bath & Beyond announced in September that it would close 200 stores over the next two years following the coronavirus pandemic. "The impact of the COVID-19 situation was felt across our business throughout our first fiscal quarter, including lost revenue from temporary store closures and margin pressures from the significant shift in the channel to digital," said Mark Tritton, President and CEO of Bed Bath & Beyond an explanation. And for some good retail news, this popular discount chain is launching a new shopping experience.
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