JCPenney closing stores, laying off 1,000 employees amid bankruptcy filing

JCPenney announced Wednesday that it is closing more than 150 stores and laying off 1,000 employees as it works to get out of Chapter 11 bankruptcy.

CBS News reported the retailer, which is $4 billion in debt, will close about one-third of its 846 stores during the next two years. Last month, JCPenney identified 154 stores being closed in the first phase of restructuring.

Layoffs will affect those in corporate, international positions and field management. Eligible employees will receive a severance package, Reuters reported.

Of the 154 stores being closed, seven are in Georgia, including Georgia Square Mall in Athens, Northlake Mall in Atlanta, Arbor Place Mall in Douglasville, Lakeshore Mall in Gainesville, Mount Berry Mall in Rome, Statesboro Mall in Statesboro and Hatcher Point Mall in Waycross.

For the Atlanta location, two salespeople said the store is set to close Sept. 27, but it could close sooner if most stock is sold before then. Some items have been marked down as much as 50% below the original prices.

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