JC Penney announced the company will close 18 department stores, including three that were announced last month. It will also close nine home and furniture stores. J.C Penney’s in Merced is NOT one of them.
JC Penney’s holiday sales declined in 2018 coming after an unexpected ten year high in retail sales.
J.C. Penney’s net sales at the end of 2018 fell 9.5 percent from 2017, according to a company news release.
The 110-year old company hasn’t been profitable since 2010. JC Penney was last reported to be over $4 billion in debt. The company has a $2.1 billion debt payment due in 2023.
According to the Wall Street Journal, Wall Street analysts are skeptical about JCPenney’s ability to repay that money.
