The company said it plans to 'accelerate' permanent store closings as part of its bankruptcy but declined to provide details on which locations it plans to shutter.
He indicated, however, that he would like to help mitigate the effects of the bankruptcy on the company's workers. "There’s a special place in my heart for employees, more so in the current state of affairs in our country," Jones said.
U.S. retailers have announced more than 2,000 permanent closures this year, most of which were made public before the pandemic began, according to retail analytics firm Coresight Research, a global advisory and research firm. While J.C. Penney hopes to survive bankruptcy by separating into a real estate investment trust and an operating company, analysts say the retailer is facing a serious risk of outright liquidation.
“I think these are weak retailers that have been challenged for a long time and we’re going to see many more bankruptcies,” she said, adding some retailers might have been able to hang on another year or two before filing if not for the pandemic. Most of the company's locations have been temporarily closed since late March due to the coronavirus pandemic.
The company has gone from a small dry-goods store in Kemmerer, Wyoming, to a fixture in the shopping experience of the American middle class to the latest victim of the digital revolution.
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