The company has hired Cushman & Wakefield and B. Riley Real Estate to market 21 stores it owns and the leases for another 142 stores across the country to potential buyers, according to marketing materials seen by Business Insider. "There's all kinds of interest and there are some good properties here," said Jim Terrell, a principal at the real-estate services and brokerage firm B. Riley Real Estate.
JCPenney had previously stated it is closing 151 locations this year and 242 locations in total as part of its bankruptcy. Michael Jerbich, B. Riley's president, who is working on the deals to dispose of the locations for the department-store brand, said the leased store locations would likely all be closed and sold off by the fall. Bids are due for the leases by mid-September."The owned properties are still operating and their closing dates will vary, with some continuing to operate for some time while others could close sooner," Jerbich said.
Jerbich suggested that JCPenney could offer other locations among the nearly 850 stores it occupies for sale in the coming months. "Although there aren't additional stores being offered for sale at this time, that could change as the process evolves," he said.
I went to one of their store closing and they tried to sell endcaps from 1980 for $400 😂
Emerge as what?
lol
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