J.C. Penney is temporarily closing stores beginning Thursday for two weeks due to the coronavirus pandemic.
The Plano-based department store retailer said Wednesday that the decision is meant to help prevent the spread of the virus and protect employees and customers.
On Monday, Penney reduced its hours, but then it joined the growing list of retailers that closed stores. (Stores are open until 7 p.m. Wednesday.)
“With the effects of the outbreak being felt more each day, our primary concern and area of focus is and has been on the health and safety of our associates, our customers and our communities,” said Jill Soltau, chief executive of J. C. Penney. “We know this is a critical, unprecedented time, and our thoughts are with those who have been impacted.”
Closing for two weeks is a tough decision for any retailer, and Penney is already in a difficult turnaround situation. But it has significant liquidity of $1.8 billion and has said it will make a loan payment of $147 million due in June. After that, Penney’s long-term debt obligations of $3.5 billion don’t mature until 2023 and 2024.
Penney previously had temporarily closed its six stores in Puerto Rico until March 30 to adhere to a governor-mandated measure that required nonessential retailers — excluding grocery stores, pharmacies, banks, and gas stations — to close.
This story was updated on March 18 with new information from Penney and was originally published on March 16.
Twitter: @MariaHalkias
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