JC Penney To Hold Liquidation Sales At 242 Stores Starting In June

With JC Penney set to close hundreds of stores after it filed for Chapter 11 bankruptcy protection in mid-May, the company will reportedly begin holding liquidation sales in June.

The sales are expected to follow JC Penney’s closing procedure motion slated for June 4 and a hearing which is set for June 11, Joshua Sussberg, Kirkland & Ellis attorney said during a virtual court status update (via CNBC).

The 242 stores that will be closed will occur in two-phases, with sales taking place over 12 to 14 weeks, Sussberg said. JC Penney will be left with about 600 stores following the closures.

JC Penney is looking to take advantage of the back-to-school season for the liquidations ales despite stay-at-home orders that have canceled classes during the coronavirus pandemic, CNCB reported. Sussberg said sales for the retailer were down 39% year-over-year.

JC Penney closed all of its stores in March amid the coronavirus pandemic. The company has reopened 304 locations with five stores offering curbside pickup only. JC Penney has plans to reopen all of its stores by June 3.