The closing of a JCPenney store is one step closer to completion after customers noticed a new addition to the building.
A shopper shared an image of the store in Mobile, Alabama, as employees placed the closing sign next to the company logo.
“JC PENNEY IN MOBILE IS CLOSING: Sign just went up this morning,” the Mobile resident wrote on Facebook publish.
The store is scheduled to close by September 22 after being part of the Bel Air Mall for decades.
“We are grateful to our dedicated associates and loyal customers who have shopped at our mobile store over the years, said a JCPenney spokesperson. AL. with.
Mobile shoppers reacted to the news on Facebook, leaving many shocked that the store was in ruins.
“I worked there 46 years ago. It’s hard to believe it’s closing,” one wrote beneath the news of the closing sign being installed.
“A little heartbreaking. Lots of memories of shopping with my grandmother there,” added another.
“Everyone buying everything from Amazon, soon all we will have are warehouses and delivery drones,” said a third.
Meanwhile, it has been noted that with the closure of JCPenney, the mall will suffer to the point of also closing thanks to the role the store played in the mall.
“There goes that mall,” they wrote in a comment.
“When the anchor stores leave and take that huge rental income with them, the mall as a whole cannot stay open with the limited rent that the small stores pay.”
A company spokesperson who confirmed the closure of the Mobile location to AL.com revealed that the move came amid flaws in agreeing on a new lease.
However, JCPenney fans in Alabama will still be able to visit the remaining locations, Alabaster, Dothan, Fultondale, Hoover, Montgomery, Oxford, Prattville, Tuscaloosa and Trussville.
Meanwhile, other locations will join Mobile, with the Alabama site being one of four stores slated to close in what shoppers call the “end of an era.”
Three stores are expected to close by the end of September, while the fourth is expected to close in 2025.
Shoppers in Wichita Falls, Texas, and Waterville, Maine, will lose their JCPenney stores this summer, and those in Annapolis, Maryland, will do the same next year.
A sale is already being held at the Sikes Senter Mall store in Wichita, and other locations are expected to follow suit.
Why are JCPenney stores closing?
JCPenney made headlines after it was revealed that the chain will close several stores in the coming months.
The department store chain, which was already expanding, has faced falling sales and has struggled to attract new customers.
The emergence of online shopping has reached physical stores and shopping centers.
When the Covid-19 pandemic struck, retailers, including JCPenney, suffered another blow that proved fatal for many.
The retailer’s financial difficulties came to a head in May 2020 when it filed for bankruptcy protection with debts of about $4 million.
The subsequent restructuring saw a series of closures as the retailer embarked on a new strategy for sustainable growth.
175 stores closed across the country between 2020 and 2021.
However, even after being purchased, the company continues to struggle with sales, especially as consumers tighten their belts due to the high cost of living and inflation.
JCPenney’s latest fourth-quarter net sales fell to $2.3 billion, a 5.9% year-over-year decline, while net income fell 8.9% to $41 million.
The upcoming closures will come after the retailer filed for bankruptcy protection in May 2020.
At the time, JCPenney had nearly 850 stores, but bosses blamed the repercussions of the pandemic for its financial difficulties.
JCPenney closed more than 200 stores and restructured its debt before being purchased in September 2020 by Brookfield Asset Management and Simon Property Group for about $800 million.
At the time, the retailer had debts of around US$4 billion, according to British Money.
Bosses had hoped the acquisition deal could protect the closure of JCPenney stores that act as anchor stores for malls owned by Simon Property Group.
None of the four locations slated for closure are located in malls owned by Simon Property Group.
Meanwhile, other stores are also closing their doors, with Express announcing a series of closures, as well as Bob’s Stores being prepared for the cut.
This story originally appeared on The-sun.com read the full story
