More than 240 different J.C. Penney locations will close down, the company said Monday in a new bankruptcy filing.
The company filed new documents with the Securities and Exchanges Commission that said it would close 29% of its 846 stores — or about 242 total spots.
The stores will close between the current fiscal year and the next fiscal year.
According to USA Today, 192 stores are expected to close within this fiscal year and additional 50 in the next fiscal year.
The company will have 604 locations left after the closures,
“The approximately 604 future fleet represent the highest sales-generating, most profitable, and most productive stores in the network,” J.C. Penney said in the SEC filing.
Per USA Today, J.C. Penney’s decision to file for bankruptcy “came after several years of declining sales and strategic missteps as J.C. Penney careened from one reinvention strategy to another.”
According to Fox Business, the company plans to focus on e-commerce “as consumers are increasingly shopping online and hopes to record double-digit growth in its flagship online channel by fiscal 2021.”