After almost 120 years of business, department store JCPenney announced in June 2020 that it was filing for bankruptcy and planned to close nearly a third of its stores. Two stores closed earlier this year as part of the restructuring.
The pandemic was the final straw for the company, which had long been wrestling with the transition to online shopping, as well as increasing competition from retail behemoths such as Walmart and Target. Brookfield Property Partners and Simon Property Group saved the business from liquidation in December 2020 as part of an $800 million acquisition deal.
JCPenney announced this summer it will spend more than $1 billion through 2025 to renovate its remaining stores, upgrade its shopping app, and improve online ordering systems.