This popular mall retailer now reveals more unexpected closures despite a legal dispute finally being put to rest.
JCPenny has revealed that two more anchor stores will be closing down on the same day.
JCPenney informed store employees working at the Shenango Valley Mall in Pennsylvania that their store was closing.
This comes on the heels of the bankrupted retailer announcing plans to spend over $ 1 billion to make store improvements by the end of 2025, reports The-Sun.
Unfortunately, not all of their 667 stores will be around for a makeover, says the outlet.
Shenango Valley Mall wanted to evict the retailer in order to renovate the property, prompting JCPenney to file a lawsuit.
However, after a lengthy dispute, a judge has finally ruled in the mall’s favor.
JCPenney has another anchor store closing, coincidentally on the same day the Shenango Valley location will close its doors for good.
The retailer also recently announced the upcoming closure of its location at Crystal Mall in Waterford, Connecticut.
It wasn’t alone in its departure, following the likes of Macy’s, Sears, and Bed Bath & Beyond.
“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,” a representative said.
The closure was also a result of a legal dispute with the mall.
Both stores will see their final sale happen on May 5, 2024.
Liquidation sales are happening across the store in the Connecticut location.
The prices of goods have been slashed by up to 50%.
JCPenney doesn’t plan to slow down and encouraged shoppers to visit other locations in the future.
The retailer’s plan for major renovations is still underway.
For more news and updates like this, opt-in for push notifications.
Also Read: This Massive Mall Retailer Is Now Closing In California
Other Economy News Today
Another popular restaurant now declares an unexpected bankruptcy after closing several chains in Chicago, Arizona, and California.
Etta Collective, a small chain that operates multiple concepts in Chicago, Arizona and Los Angeles has closed several restaurants and has filed for Chapter 11 bankruptcy, reports TheStreet.
The chain closed its namesake restaurant in Los Angeles last year and abruptly shut down a Chicago-area restaurant, Sophie’s, earlier this year.
Now, after defaulting on a $2.5 million loan, the company’s owner, restaurateur David Pisor, has officially made the bankruptcy filing.
Pisor’s Etta collective runs a number of different concepts including its namesake restaurants, a bakery cafe, Alston House, a high-end steakhouse, and Kari, an upscale sushi concept.
The chain also has Marilyn’s, a planned concept that has not opened.
Pisor has said that the bankruptcy filing was made in order to help the company continue to operate.
“We have made a proactive decision to commence this strategic reorganization process with the cooperation of our lender, who has agreed to work with us so that we can come out of this process even stronger than before,” Restaurant Business reported.
The bankruptcy process could include a sale of the brand as the investor John Leahy has emerged as a bidder for the company’s assets.
“Our aim is to best position the Etta brand for future success,” Pisor said in a statement.
“By filing for protection under Chapter 11, we will be able to restructure our financial position while continuing our daily operations and keeping our locations open.
As has already happened in our Scottsdale location, we predict that we will emerge stronger both operationally and financially.”
For more news and updates like this, opt-in for push notifications.
Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.