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ECONOMY

JCPenny and Macy’s stores closing in 2023: here are all the locations

Retailers are also affected by high interest rates and economic slowdown after the pandemic with many companies initiating shutdowns of stores nation wide.

Update:
FILE PHOTO: A customer exits the Macy's flagship department store in midtown Manhattan in New York City, November 11, 2015.  REUTERS/Brendan McDermid/File Photo
Brendan McDermidREUTERS

The pandemic caused huge upheaval for companies across the US. As seen with the recent mass closures of Rite Aid stores, stores’ plans to restructure after the pandemic are running into trouble.

JCPenney and Macy’s, the latter famous for their Christmas fete, are two more big names in trouble. Back in 2020 both embarked on major restructuring of their businesses, with both companies aiming to close a combined 350 stores by the end of this year.

JCPenney closures this year

The 121-year old company negotiated its way through a Chapter 11 bankruptcy at the end of 2020. Since then the company has closed around a quarter of its then-850 stores.

“Following a comprehensive review of our retail footprint, we announced several phases of store closures in 2020 and 2021, resulting in the liquidation of 175 JCPenney locations. While store closure decisions are never easy, it was a necessary step to ensure the Company’s long-term success,” the company said in a statement.

Three JCPenney stores have closed since the beginning of 2023:

  • Concord Mall: Elkhart, Indiana
  • Oswego Plaza: Oswego, New York
  • 925 Washington Ave.: Detroit Lakes, Minnesota

Macy’s closures this year

Back in 2020 the company announced a major restructuring of the company. As well as cutting thousands of jobs the compant announced plans to close 125 of its stores over the following three years.

“The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment,” CEO Jeff Gennette said in a statement at the time.

Despite the closures, Macy’s share price leapt up after the worst phase of the covid-19 pandemic was over. However, the stores continued closing and the value of the company has slid to around where it was when the restructuring was announced. Over the last five years the company has lost nearly two-thirds of its value.

So far in 2023 four Macy’s stores have closed:

  • Baldwin Hills Crenshaw Plaza: Los Angeles, California
  • Foothills Mall: Fort Collins, Colorado
  • Windward Mall: Oahu, Hawaii
  • Lakeforest Mall: Gaithersburg, Maryland