JC Penney is Next to Fall

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(Enid, OK) With the COVID-19 pandemic, many national stores and restaurants, who were already struggling, have been forced to close their doors all over the country. For those of us in Enid, we have already seen two such businesses shut down in the form of Golden Corral and Applebee’s.

The Oakwood Mall will see one of their biggest stores close in the form of JC Penney who announced today that the location in Enid is one of hundreds that will be shutting down as a result of financial hardship.

The Enid store is one of six in the state of Oklahoma, and 154 nationwide.

“Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete,” the company stated in a news release, “As the Company remains focused on its Plan for Renewal and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful eCommerce flagship store, jcp.com.”

Back on May 15, JCPenney announced it had entered into a restructuring support agreement with lenders holding approximately 70% of the company’s first lien debt to reduce the company’s outstanding indebtedness and strengthen its financial position. To implement the financial restructuring plan, the company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.