JC Penney is closing 154 stores in the first phase of its Chapter 11 bankruptcy restructuring. J.C. Penney announced Wednesday it had started its going-out-of-business sales at the 136 stores it is closing, including four in Oregon.. Four stores in … Posted: Jun 17, 2020 / 05:54 PM EDT / Updated: Jun 17, 2020 / 05:59 PM EDT (WIVB)–JC Penney is starting … An empty parking lot is shown at a closed JC Penney store in Roseville, Mich., May 8, 2020. December ?, 2020 – JCPenney exits chapter 11. Sussberg said that after paying certain obligations, JCPenney should have about $1 Billion at the close. November 2, 2020 – Sale hearing. JC Penney plans to file a store closing procedure motion on June 4, for a hearing set to take place on June 11, at which point some sales will begin, … JCPNQ is expecting closing sales … J.C. Penney Co. will exit Chapter 11 in early- to mid-2021, after filing for bankruptcy protection in May, due to effects of the Covid-19 pandemic. J. C. Penney Company Inc. is set to begin liquidation sales at certain closing outposts within the coming weeks, an attorney for the retailer said on Thursday in a virtual court status update. The retailer began a store closing sale at Destiny USA in June, with up to 40% off original prices. The chain is closing more than 150 stores as part of its ongoing bankruptcy proceedings. 3. It is expected that the transaction will close in October. 4. JCPenney closing sale begins National. JC Penney has announced its schedule for clearance sales at its locations set for closure. ... Great American Group and Tiger Group are working on the closing sales, Penney added. It’s now offering markdowns of up to 65%. The JCPenney closings for 2020 have the company adding 154 stores to the list. 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