JCPenney closing 27 stores, including 1 in Michigan
Clothing retailer JCPenney is planning to close 27 more stores this year.
Business Insider reports most of the stores will close by July.
The company hasn't announced a full list list of store closures, but Business Insider is reporting at least one Michigan store, at The Orchards Mall in Benton Harbor, is on the list.
The closures span at least 13 states, including California, Florida, New York and Georgia.
In a strategy shift, JCPenney recently said it would stop selling appliances and most furniture. It has also marked down inventory to clear out the glut of clothes and handbags sitting on its shelves.
Going forward, Soltau said JCPenney plans to focus on women's clothes, including athletic brands and the booming plus-size market, and home goods.
But Penney's path looks uncertain. An estimated $2.1 billion in loan payments come due in 2023, and that has credit rating agencies and analysts worried.
"Our main concern is that JCP has very little time to course correct," said Neil Saunders, analyst at GlobalData Retail.
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