American fashion retailer JC Penney, which emerged from bankruptcy earlier this month, plans to close down 15 more stores by the end of March next year.
The retailer was recently acquired by Simon Property Group and Brookfield Asset Management, Inc., after it had filed for Chapter 11 bankruptcy earlier this year.
The fresh closure of 15 stores is a part of the store optimization strategy that the retailer had started in June with financial revamping.
Notably, the liquidation sales of these stores will start later in December and will close to the public in March 2021.
JCPenney’s store optimization strategy aims to help the retailer achieve growth that’s both profitable and sustainable.
The renowned fashion retailer had filed for Chapter 11 bankruptcy back in May 2020 and ever since has been the most talked about fashion retailer till it was bought by mall owners earlier this month.
