Another Major Retailer May Be Forced to Vacate The Oakdale Mall
Brick and mortar stores just can't seem to catch a break and the latest to be hit by financial struggles is one of the last big stores located inside the Oakdale Mall.
Established in 1902, JCPenney has found itself $4 billion in debt (yes, that's $4 billion with a B). With nearly 90,000 full-time and part-time employees nationwide and about 850 stores all across the United States, JCPenney had been facing financial troubles even before the coronavirus pandemic closed retail stores but the pandemic hasn't helped the company's situation.
While JCPenney hasn't released a list of stores it plans to close, Reuters reports that 200 stores will be closed as part of the bankruptcy which is expected to be filed sometime this week.
JCPenney isn't the only retail store with a future that is facing uncertainty. According to CNN, J. Crew filed for bankruptcy on May 4, and Neiman Marcus filed for bankruptcy on May 7.
When a company files for bankruptcy, it doesn't automatically mean the company will completely close. Many businesses use bankruptcy as a way to restructure and eliminate some of their debt and liabilities in order to stay open. Either way, only time will tell whether or not JCPenney does, in fact, close 200 stores and if one of those stores will be the one located inside the Oakdale Mall.