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.