JCPenney files for bankruptcy

PLANO, Tx. (KYMA, KECY) - The retailer JC Penney today announced it will temporarily close its stores and business offices, starting today at 7 p.m. local time.

This, after Yuma's JC Penney location reopened on May 13 upon Gov. Ducey's announcement that retailers may open with restrictions.

The 118 year-old department store is so far the largest retail casualty due to the coronavirus pandemic.

The company says stores will close in phases throughout the Chapter 11 process, with the first phase of closures to be disclosed in the coming weeks.

JCPenney says it is welcoming customers back to select stores and continuing to offer contact-free curbside pickup service at all open stores. 

Customers may also continue to shop at jcp.com

“The Coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country. As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to protect the safety of our associates and customers and the future of our company, Said Jill Soltau, CEO of JCPenney.

Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy – and our efforts had already begun to pay off. While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt,” said Jill Soltau, chief executive officer of JCPenney.

Jill Soltau, JCPenney CEO

Read JCPenney's complete press release here.