JCPenney announces more store closings
JCPenney is inching toward its target of closing 250 stores.
The department store chain announced Tuesday it’s preparing to close another 13 stores for good.
Seven of those stores are in Michigan.
The remaining stores are in New York, Washington state, Maryland and California.
Liquidation sales at those stores will start July 3.
JCPenney filed for bankruptcy last month.
The company previously said it expects 200 store closures by the end of this summer, with the remaining 50 closing by next summer.
Liquidation sales have already started at 136 stores.
The sales are vital for bankrupt retailers to raise cash during court-supervised reorganizations.
But it's not clear just how successful the sales will be.
Many shoppers are still reluctant to venture out amid the coronavirus pandemic, while other consumers are cutting back on purchases due to job losses.
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