Multiple sources have reported that JCPenney has announced the impending closure of several stores across the United States. The company plans to implement these changes by the middle of the year.

A formal statement released to Today attributed these store closures to a combination of factors, including expiring lease agreements, shifting market conditions, and other strategic business considerations.

“The decision to close a store is never taken lightly,” the company noted in its statement.

“However, isolated closures do occur from time to time due to the expiration of leases, changes in the retail landscape, or various other factors.

Importantly, these closures are not linked to our recent merger with Catalyst Brands.”

Earlier this year, JCPenney publicly confirmed its merger with the SPARC Group, which aims to consolidate their resources and create a more robust retail entity under the new name of Catalyst Brands.

SPARC Group is a prominent parent company, overseeing a diverse portfolio of retail brands, including Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand, and Nautica.

Additionally, SPARC has established joint ventures with influential organizations such as Simon Property Group, a real estate giant that owns Forever 21, enhancing the retail capabilities of all affiliated brands.

This merger is touted as a transformative move, resulting in “an unmatched portfolio of six iconic retail banners that encapsulate the essence of American fashion and lifestyle.”

It is worth noting that JCPenney’s journey has been tumultuous; the retailer filed for Chapter 11 bankruptcy during the peak of the COVID-19 pandemic in 2020.

Subsequently, the chain was acquired by a partnership between Simon Property Group and real estate developer Brookfield in a significant $1.75 billion transaction, paving the way for its current strategic realignment.