McMinnville JCPenney Among Two Dozen Tennessee Stores to Close
JC Penney store at McMinnville's Three Star Mall
The JCPenney store at Three Star Mall in McMinnville will soon be closed due to the bankruptcy of the long-time retail company. However, the store at Northgate Mall in Tullahoma will remain open.
JC Penney announced Thursday the list of the 154 stores it plans to close this summer, with store closing sales kicking off June 12.
It said it will announce additional closures in the coming weeks.
154 locations across more than two dozen states are set to close, including six stores in Tennessee. In addition to McMinnville, store closings are in Cleveland, Columbia, Dyersburg, Kingsport and Maryville.
Penney said it expects the store closing sales to last anywhere from 10 to 16 weeks.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” Chief Executive Jill Soltau said in a statement.
Penney, like the many retailers deemed nonessential, was forced to temporarily close its stores due to the coronavirus pandemic, pushing it over the brink as its sales took an enormous hit and its debt swelled.
It filed for Chapter 11 bankruptcy protection on May 15, and is now hoping to emerge as a smaller department store chain.
The Texas-headquartered company said that as of June 4, it has reopened nearly 500 locations. When it filed for bankruptcy, it had roughly 860 stores. It also employed roughly 90,000 full- and part-time workers as of February. It wasn’t immediately clear how many workers would be impacted by the looming closures.