Uncertain future of retail: after Sears’ bankruptcy, 116-year-old JCPenny shuts down hundreds more stores, Payless ShoeSource announces closure of all 2,100 US stores

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After Sears made headlines for its bankruptcy filing and store closures, the next retailer facing similar hardships is now JCPenney.
The department store will shutter 27 of its 860 locations by the end of the 2019. Of the affected locations, 18 consist of department stores while the remaining nine are home and furniture outlets.

As traditional brick-and-mortar retailers continue to struggle, another big box store announces a new round of closures.
J.C. Penney Inc. is expected to close 18 department stores across the country in 2019 and nine home-and-furniture locations. In 2017 the retailer closed more than 130 department stores.

Most recently, discount shoe store Payless ShoeSource announced the closure of all 2,100 of its stores in the U.S. This impacted about a dozen stores locally. Last fall, Sears Holdings closed 46 more Sears and Kmart department stores. Casualties included Sears stores in Florence and Colerain Township.

The question is, can the 116-year-old brand be saved?
The decision to prune its outlets comes after sales at the 116-year-old company continued to decline. In February, the company reported that total net sales for fiscal 2018 decreased 7.1 percent, with a net loss of $255 million for the year.

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Image courtesy Reuters