J.C. Penney, one of two remaining retailers with anchor stores in Glenbrook Square, plans to close some locations as part of its voluntary Chapter 11 bankruptcy reorganization.
The Plano, Texas-based company Monday had not yet released a list of affected stores. But USA Today reported Penney will close 242 stores – or almost 30% of the total – by early next year.
Penney was not included on Glenbrook's online list of open tenants as of Monday evening.
Almost every retailer that wasn't considered an essential business closed during the national shutdown to reduce spread of the coronavirus. A Penney statement said the company is reopening “select stores” in a phased approach, offering curbside pickup and online sales.
A spokeswoman for Brookfield Properties, Glenbrook's owner, didn't respond to an email sent late Monday afternoon.
Penney officials describe the company as “one of the nation's largest apparel and home retailers” with about 85,000 employees and 850 stores in the U.S. and Puerto Rico.
“JCPenney will continue to be one of the nation's largest apparel and home retailers with an expansive footprint of hundreds of stores with a powerful eCommerce flagship store, jcp.com,” the company states on its website dedicated to the bankruptcy: www.jcprestructuring.com.
The U.S. Bankruptcy Court for the Southern District of Texas has approved the company's request to access its $500 million in cash to pay employee wages and benefits and vendors.