J.C. Penney plans to close 242 stores

J.C. Penney’s bankruptcy plan is expected to include the shutdown of nearly one-third of its 846 stores.

A document filed with the Securities and Exchange Commission on Monday says the struggling retailer plans to close 242 stores, only keeping stores that are financially resilient that have higher average sales and productivity.

According to the document, J.C. Penney plans to shut down 192 stores this year, and another fifty stores in the following year.

J.C. Penney’s Chapter 11 Bankruptcy filing has yet to include which locations they plan to close or when they will close, but a news release from the company says that information is expected in the coming weeks.

Penney operates five stores in the Valley, including at the Southern Park Mall in Boardman, the Austintown Plaza, the Eastwood Mall in Niles, the Shenango Valley Mall in Hermitage, and the Summit Square Shopping Center in East Liverpool.

The stores have been closed since the coronavirus outbreak caused the shutdown of many retailers across the country.