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The company continued to struggle through the retail apocalypse, and in late summer of 2022, Bed Bath & Beyond announced plans to close 150 stores, lay off 20% of its corporate and supply chain staff, and eliminate the role of COO and CSO within the company. Liquidity was raised to about $1B after a loan and additional financing were secured.
In early 2001, JCPenney closed 44 under-performing stores. In 2001, JCPenney sold its direct-marketing insurance unit to Dutch insurer Aegon for $1.3 billion (equivalent to $2.24 billion in 2025) in cash to help refocus the company on retail. [30] In 2003, the company opened three stores in strip centers in Texas, Minnesota, and Indiana.
Other retail companies branched out into the discount store business around that time as adjuncts to their older store concepts. As examples, Woolworth opened a Woolco chain (also in 1962); Montgomery Ward opened Jefferson Ward ; Chicago-based Jewel-Osco launched Turn Style ; and Central Indiana-based L. S. Ayres created Ayr-Way .
The department store may close up to roughly 300 of its more than 1,000 locations within the next two years, according to Cowen & Co.
In February 2013, JCPenney announced that this location would be closed on May 1, 2013, but did not actually undergo a liquidation sale because supposedly the store would reopen the next year. [45] Everything on the second floor except the styling salon was closed off from the public in January and the store did close on May 1, 2013, as planned ...
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