Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy

jc penney stores to be sold, may be repurposed

5/28/2020

0 Comments

 
Picture
Responding to losses attributed to the COVID-19 outbreak, the department store company J.C. Penney has announce that it is going to shed just over 240 of its existing 846 stores.

The Plano, Texas-based company has entered into Chapter 11 bankruptcy proceedings expected to see a 35 percent slice of its property put into a real estate investment trust.

In a statement, Jill Solteau, Penney’s chief executive officer, said the COVID pandemic has “created unprecedented challenges for our families, our loved ones, our communities, and our country.”

Solteau continued that, in response to the virus outbreak and a precipitous decline in store sales, the company has been forced to make “difficult decisions in running our business to protect the safety of our associates and customers and the future of our company.”

Exactly what stores will be closed and where has not been officially announced, but analysts are saying that those properties, which on average measure around 110,000 square feet, could prove alluring to other companies who may want to repurpose them for a new use.

The publication National Real Estate Investor speculates that online commerce giant Amazon may be interested in purchasing many of stores, noting: “It would gain a bricks-and-mortar footprint that could propel its burgeoning apparel business through the creation of a network of satellite distribution centers.”

Although J.C. Penney has always had a large presence in urban and suburban America, many of its stores, offering work clothes and hardware, were located in rural areas. “Of the roughly seventeen hundred stores in the J.C Penney chain,” notes author David Delbert Kruger in his 2017 biography of store founder James Cash Penney, more than half were located in “towns of fewer than fifteen thousand residents.”

Although most of the chain’s locations are clustered on the East coast and Midwest, there are currently 21 Penney’s stores in Arizona, 16 in Colorado, and 10 in New Mexico.

Launched in 1902 in Kemmerer, Wyoming, J.C. Penney’s saw initial success as the prototype of the modern department store, selling everything from household appliances to garden merchandise, auto parts, and sporting goods.
​
Hearings in the company’s bankruptcy proceedings are scheduled to be held early next month in the U.S. Bankruptcy Court for the Southern district of Houston.

​By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy