Friday, May 29, 2020

J.C. Penney plans to have 500 stores open by next week and asked landlords to forgo rent

The Dallas Morning News
J.C. Penney said its stores are reopening at a faster pace now, and it has asked all of its store landlords for abatements on rent.

The Plano-based department store chain, which filed for bankruptcy earlier this month, said Thursday that it has opened 150 more stores and has 304 open in 27 states.

At a hearing Thursday morning, Penney’s attorney Joshua Sussberg of Kirkland & Ellis said the company plans to begin permanent store closings in June. The process will take 12 to 14 weeks, and Penney is hoping to capture the back-to-school season with sales at stores that are closing, he said. A smaller second batch of store closings will start in July. . . . more