J.C. Penney Has Decided To Postpone Its Closure

It was just last month that J.C. Penney released a list of 138 stores that the struggling retailer will close in the next couple of months because of slowing traffic and sales.

Many customers have shown up for the liquidation sales and now the retailer has decided to postpone the closures.

The company told CNBC exclusively that the turnout has helped them decide to postpone the liquidation sales and closure dates for the 138 stores it plans to shutter this year.

“Ever since the company announced its store closure list, those stores have seen better-than-expected sales and traffic,” J.C. Penney spokeswoman Daphne Avila told CNBC.

“This is not an uncommon response when you announce a store closure. Local shoppers will come out for a variety of reasons — some out of nostalgia and some who are just looking for a great deal.”

It’s “prudent to continue selling through our spring and summer merchandise at the current promotional levels and begin our liquidation sale a month later than originally planned.”

The company’s new closure date for the stores is July 31st, which is six weeks ahead of schedule.

The liquidation for the stores will begin on May 22nd, instead of April 17th.

Disclaimer: We have no position in J C Penney Company Inc. (NYSE: JCP) and have not been compensated for this article.