JC Penney to File Bankruptcy, Plan to Close 200 Stores Could Include CNY
The coronavirus has proven to be the final straw for JC Penney - means another empty store at Sangertown and Destiny USA.
JC Penney, which is a major anchor store at both Sangertown Square in New Hartford, and Destiny USA in Syracuse, and has a location at Freedom Plaza in Rome, filed for bankruptcy after missing two multi-million dollar debt payments in May.
The 118-year-old retailer has accrued over $4 billion (yes, billion with a B) in debt as it tries to keep the company afloat. JC Penney employs 85,000 people and has roughly 850 stores across the US. Even before coronavirus hit the retail sector, the company had been struggling to keep up with online competition from Amazon and discount retailers like TJ Maxx and Marshalls.
Reuters reports as part of bankruptcy plans being considered, JC Penney would close 200 stores, and split into two companies: one would hold the company's real estate and the other would control the retail business.
JC Penney has announced plans to close their stores at Sangertown Square, Destiny USA, and Freedom Plaza in Rome. Syracuse.com released the list of New York stores.
- Finger Lakes Mall, Auburn
- Batavia City Centre, Batavia
- Roseland Shopping Center, Canandaigua
- Sangertown Square Mall, New Hartford
- Oswego Plaza, Oswego
- Freedom Mall, Rome
Retail has suffered under the coronavirus lockdowns. J.Crew and luxury retailer Neiman Marcus have both filed for bankruptcy in recent weeks.