JCPenney, founded in 1902, was once a leading department store known for fair pricing. However, its downfall began in the 2000s due to the rise of e-commerce, leading to failed restructuring attempts and significant store closures, including 138 in 2017. The COVID-19 pandemic exacerbated the situation, resulting in bankruptcy. Acquired by Simon Property Group, JCPenney now focuses on online sales to compete but has recently announced further closures amidst ongoing challenges posed by major e-commerce players like Amazon.
JCPenney, once a hallmark of American retail, struggles to adapt to the e-commerce age, leading to multiple store closures and a significant loss in market share.
Despite remaining operational under Simon Property Group, JCPenney continues to face challenges in a competitive marketplace dominated by e-commerce giants like Amazon.
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