Business

JCPenney closes more locations as 119 stores face uncertainty

The retailer has quietly been closing locations since filing for Chapter 11 in 2020, with more closures coming. © Image Credit: Wikicommons / Jon Konrath

It used to be that you could find a JCPenney in pretty much any mall and most busy towns and cities. That's no longer the case, as JCPenney announces more store closures amid rumblings that the retailer is facing uncertainty.

Closures have quietly been taking place for a while

The news isn't just that JCPenney is closing some of its 119 locations; it's also that the retailer has quietly been doing this for a while now. JCPenney filed Chapter 11 bankruptcy in 2020, and has been quietly closing physical locations since.

“Shortly after announcing the bankruptcy, JCPenney also announced plans to close about 29% of its 846 stores," according to Kiplinger.

The retailer was working to stabilize finances and avoid liquidating its remaining stores.

Real estate deal falls through

In its efforts to stabilize finances, Copper Property CTL Pass Through Trust struck a deal to sell 119 JCPenney stores for $947 million to Onyx Partners (a private equity firm).

This proposed deal wouldn't change operations at the stores, they would stay open and remain as JCPenney locations. In late-December 2025, that deal fell apart with both parties blaming the other.

Mall foot traffic doesn't tell the complete story

Even though mall foot traffic isn't plummeting, in fact, May 2026 was the fourth positive month of gains for foot traffic, consumer sentiment is changing.

Shoppers are showing up, they're wandering the malls, but they aren't spending as much money as before. Foot traffic doesn't help retailers if people aren't buying things.

“What is setting malls apart? One potential explanation is that mall visits and traditional retail spending are increasingly decoupled," reported Placer.ai. "Unlike standalone retail stores, malls serve a variety of purposes beyond shopping, including dining, fitness, entertainment, and socializing.”

JCPenney, just like so many other retailers, is now suffering.

Continued uncertainty

With a lot still up in the air for JCPenney, one thing is for sure. The retailer is facing a lot of headwinds and uncertainty, which is leaving shoppers wondering what will happen to their nearest location.

Source: TheStreet

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