CHARLESTON, W.Va. — Eight JCPenney stores in West Virginia face an uncertain future after the large national retailer announced Friday evening it has filed for Chapter 11 bankruptcy.
The 118-year-old company had been struggling before the pandemic but it said a two-month shutdown has forced its hand.
“Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy — and our efforts had already begun to pay off,” CEO Jill Soltau said in a statement.
According to Soltau, a financial restructuring under bankruptcy will keep JCPenney in business for years to come.
The plan includes an agreement with vendors on existing debt along with borrowing an additional $450 million. The company will also close a number of its 846 stores but hasn’t announced how many.
There are eight JCPenney stores in West Virginia including locations in Barboursville, Bluefield, Bridgeport, Charleston, Morgantown, Mount Hope, Triadelphia and Vienna.
A possible closing of the JCPenney at Town Center Mall in Charleston could be particularly devastating. The store is the mall’s lone remaining anchor store.