Near the end of May, JCPenney filed for Chapter 11 bankruptcy, announcing that it would permanently close about 30 percent of its stores. Since then, the retailer has already closed more than 150 locations. Now, it plans to close an additional 15 stores by the end of March 2021, USA Today reports.

How many JCPenney stores are left 2021?

The retailer, which emerged from bankruptcy this month after being acquired by mall owners Simon Property Group and Brookfield Asset Management Inc., will close another 15 stores by the end of March, officials confirmed to USA TODAY on Thursday.

Is Macy’s shutting down?

The department store chain is permanently closing dozens more stores this year, CNBC reports. The closures are part of the restructuring plan that Macy’s announced last February, which included closing 125 locations that are the least productive by 2023.

Why are JCPenney stores closing?

The retailer announced in May 2020 it planned to close almost 30% of its 846 stores as part of a restructuring under bankruptcy protection. Since then, 156 stores have permanently closed. A federal bankruptcy court in November approved J.C. Penney’s purchase by Brookfield Asset Management Inc.

How can you tell if JCP is going to go bankrupt?

(JCP, KSS) But there’s a simple way to quantify the company’s bankruptcy risk: the Altman Z-Score. It’s a single number calculated from figures on a company’s balance sheet and income statement, and it has proved to be fairly accurate over the years as a predictor of bankruptcy.

When did J.C.Penney go into bankruptcy?

J.C. Penney declared bankruptcy in May. It was one of many brick-and-mortar stores forced to temporarily close locations in April and May as the coronavirus pandemic raced across the U.S.

Is the PBGC affected by the JCPenney bankruptcy?

A spokesperson for the PBGC declined to comment on how JCPenney’s current workers and retirees might be affected. Plano, Texas-based JCPenney revealed in court documents this week that it is inching towards its exit from bankruptcy and expects the plan to be complete in time for the lucrative holiday shopping season.

Who are the new owners of JCPenney pension plan?

JCPenney is getting rescued from bankruptcy in a plan that stands to worsen its workers’ nest eggs. The century-old department store’s soon-to-be new owners said they don’t plan to take control of the retailer’s pension promises to some 52,000 current and future retirees, according to court documents.