Bankrupt retailer J.C. Penney, once a mall-corner institution, announced Thursday that it will be closing 154 stores this summer.

Store-closing sales will begin June 12th.  The company said that store-closing sales could last anywhere from 10 weeks to four months.  J.C. Penney will also announce more store closures in the next few weeks.

The retailer, already struggling, said in a statement that it hopes to “emerge from bankruptcy and the pandemic a stronger retailer.”  Prior to bankruptcy, J.C. Penney had around 860 stores but have only reopened 500 of them since lock down restrictions have eased.

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