Amid the abrupt shutdown and bankruptcy being experienced by retail chains all around the world, the J.C. Penney shop located within the Victor Valley mall managed to dodge the bullet. The financially depleting company recently released its list of all 154 stores deemed to shut down permanently, and this one wasn’t on its list.
While this store was spared, 2 others located in San Bernardino County have been listed for closure. This includes the one located in San Bernardino’s Inland Center Mall, while the second one is located inside Chino’s Rancho Del Chino Shopping Center.
As per the news, David Jones, the Bankruptcy judge, is going to conduct this hearing dated 11th June. If the bankruptcy proposal is signed off, the sales terminating the business would start immediately & last about 10-16 weeks.
This announcement of bankruptcy comes when the store chain has been attempting to bring a balance to its finances with regards to the bankruptcy protection provided under the clause of Chapter 11. After being brought down from the field due to the struggling industry, the company finally filed for complete bankruptcy to tackle the loss from the COVID-19 pandemic.
As per FactSet, the company reported a loss of $4.45 Billion in 8 out of 9 years in the past decade.