JC Penney Pushes Back Closing Dates for Sangertown and Destiny Stores
JC Penney has pushed back the final day for their stores in New Hartford and Syracuse, according to a notice on the Department of Labor website.
Originally, the stores were scheduled to close on September 27th, but now that date has been extended until October 18th.
Layoffs will begin on October 18 and continue through November 1 at the Destiny and Sangertown locations, with 78 and 61 employees being laid off in the respective locations.
Earlier this year, JC Penney announced it had filed for Chapter 11 bankruptcy, in an attempt to reorganize under a massive amount of debt. The company announced plans to close 154 stores, but gave very few a reprieve. The stores in Destiny USA, Sangertown Square, and Freedom Plaza in Rome will close.
The 118-year-old retailer has accrued over $4 billion (yes, billion with a B) in debt as it tries to keep the company afloat. JC Penney employs 85,000 people and has roughly 850 stores across the US. Even before coronavirus hit the retail sector, the company had been struggling to keep up with online competition from Amazon and discount retailers like TJ Maxx and Marshalls.