JCPenney Closing 7 Stores After Acquisition

JCPenney will close seven mall-based stores across the U.S. on May 25, following its 2020 Chapter 11 bankruptcy and subsequent acquisition by Simon Property Group and Brookfield Asset Management. The affected locations span California, Colorado, Idaho, Kansas, New Hampshire, North Carolina, and West Virginia, with closures attributed to expiring leases and shifting market conditions. Notably, the Annapolis, Maryland store will remain open until at least August 31 after an extended lease agreement. JCPenney is now part of Catalyst Brands, formed through a merger with Forever 21 and other retailers, which aims to revitalize the business through collaboration and expansion. These closures reflect ongoing challenges for department stores as consumers increasingly turn to online shopping. Similar struggles are prompting store closures among other discount retailers in the industry.