LOS ANGELES (CBSLA) – Struggling retail giant JCPenney on Wednesday began liquidation sales at 136 stores which will be closing permanently, including several in California.
The retailer announced that discounts of 25% to 40% will be available at those stores. Of the six stores closing in California, one is located in the Inland Center in San Bernardino.
JCPenney filed for bankruptcy May 15 and announced that it would begin a process of closing 30% of its 846 stores nationwide. The bankruptcy stems from years of declining sales amid the rise in e-commerce, coupled with a coronavirus pandemic which has crippled retailers across the nation.
According to CBS News, the bankruptcy came just days after JCPenny’s CEO Jill Soltau received a $4.5 million bonus.