LAFAYETTE, La. (KLFY) — JC Penney’s location at the Acadiana Mall will be permanently closing as part of the company’s bankruptcy restructuring, according to the retailer’s website.
“Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete,” said the retailer in a press release. The company did not announce a final closure date.
Lafayette’s location is one of three Louisiana stores that will be shuttering. The other two are at the Lakeside Shopping Center in Metairie and the Regal Court Shopping Center in Shreveport.
Overall, the retailer is closing 154 stores nationwide.
According to CBS, JC Penney filed for bankruptcy reorganization in May, making it the biggest retailer to do since the coronavirus pandemic forced stores to temporarily close. After announcing bankruptcy, the company said its physical stores and online sales operations will stay open during restructuring. J.C. Penney in particular has been declining for years amid the growth of e-commerce. Weighed down by $4 billion in debt, it has closed stores in recent years to cut costs.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said JC Penney CEO Jill Soltau.