Massive Retailer Now Launches Liquidation Sale As It Closes

A massive retailer now launches a liquidation sale as it closes an anchor store and abandons a mall for good, sources report.

A JCPenney store located inside a popular shopping mall is set to close in weeks, reports The-Sun.

Liquidation sales at the outlet in the Crystal Mall in Waterford, Connecticut, are underway.

The prices of goods have been cut by up to 50% and the store is set to close by May 25th, per The Day.

The JCPenney outlet is the last anchor store at the mall following the departures of renowned brands such as Macy’s, Sears, and Bed Bath & Beyond.

Executives of the company admitted the decision to close the store wasn’t easy.

“We continue to work to make every dollar count for America’s diverse, working families and welcome them to shop at our other JCPenney stores in the area,” they said.

The Crystal Mall has seen a series of high-profile store closures in recent years.

Its Macy’s and Sears outlets also closed back in 2021 and 2018.

A JCPenney store at the Shenango Valley Mall in Hermitage, Pennsylvania, is also set to permanently close its doors in May.

The store is unfortunately shutting down after the chain was in a legal dispute with the owner of the mall.

The closures come just years after the chain filed for bankruptcy.

Chiefs filed for bankruptcy after the business had racked up a whopping $5 billion in debt.

The chain survived and the company has since revealed details on restructuring plans.

More than $1 billion is set to be spent by the end of 2025 on several upgrades.

Stores are set to be renovated, and the company’s app and website will be improved.

The purpose of the upgrades is to boost efficiency.

“Now is the time more than ever to lean into that and make sure that we’re delivering that experience for our customer,” CEO Marc Rosen told the Associated Press.

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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

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Market News Today - Massive Retailer Now Launches Liquidation Sale As It Closes.
Market News Today – Massive Retailer Now Launches Liquidation Sale As It Closes.

Another grocery store now makes unexpected closures after not being “able to capitalize on the area”, sources report.

A Lidl store has announced that it would soon close down – and the news has upset customers, reports The-Sun.

The message was sent out to employees on Thursday, February 8, by Lidl’s vice president, according to the Index Journal.

They explained that the closure was due to several economic factors.

These included “not meeting sales expectations” and “not being able to capitalize on the area.”

“This marks a continuing trend of shutting down stores in low-income and rural areas across the Southeast,” the message also said.

The store closure is reportedly set for the end of February so shoppers will only have around two weeks to visit that location.

Lidl is a German grocery store chain that also established itself in the US and has grown to over 173 locations, mostly on the East Coast, according to ScrapeHero.

Shoppers in Greenwood were upset by the news, according to the Index Journal.

Customer Eric Outz said he had not heard about the closure and said he would later talk to one of his family members who worked at the store.

“I think it’s a good store,” he said.

“I feel bad for them,” Eric said about the employees.

Other customers also shared their thoughts on the closure on Reddit.

“I’m actually devastated. I’ve lived in Greenwood for 5 years and go to that Lidl at least every week, usually twice a week,” one Redditor shared.

“It’s better than basically every other grocery store in town, but people just stick to what they know.”

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - Massive Retailer Now Launches Liquidation Sale As It Closes.
Market News Today – Massive Retailer Now Launches Liquidation Sale As It Closes.

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