After 40 years of business, the JCPenney’s North Conway store at the Mountain Valley Mall closed Sunday.
Shoppers packed the largely vacant store last weekend, taking advantage of the 90% off all merchandise.
Since the closing was first announced last June, prices dropped from 50% off to 80% off by Labor Day Weekend. The closing was postponed to Oct. 18 by store officials.
The final weekend, men’s pants and polo shirts were selling for just $6. Store furniture was selling as well, with office chairs marked down to $15 apiece. All sales were final and there were no exchanges allowed.
A pink makeshift handwritten sign on the door to the store Tuesday provided contact information and said, “Deliveries & Pickup: We are here until 10/23.”
A call placed to the store Tuesday resulted in the following voicemail: “Sadly after 40 years, the JCPenney North Conway store has closed its doors permanently,” a woman’s voice said. “Other locations are still open and orders can still be placed at jcpenney.com. Thank you for the 40 years patronage and we wish you well.”
The North Conway store was one of four to close in New Hampshire as part of the 152 nationwide to be closed by the parent company.
The other stores were located at the Lilac Mall in Rochester, the Upper Valley Plaza in West Lebanon and the Mountain Street Shopping Center in Keene. Stores in Concord, Nashua and Manchester will stay open.
In a news release July 15, the company said the closings are part of the first step in implementing a Chapter 11 bankruptcy reorganization protection plan.
The company also said it is reducing its workforce by approximately 1,000 corporate, field management and international positions.
Jill Soltau, chief executive officer of JCPenney, said in the July 15 news release that the company’s reorganization will create “a smaller, more financially flexible company, and will help ensure JCPenney emerges from both Chapter 11 and the Coronavirus (COVID-19) pandemic as an even stronger retailer.”
She added, “The global health and economic crisis caused by the Coronavirus (COVID-19) pandemic has forced retailers to make difficult decisions. For JCPenney, that includes reducing our footprint and accelerating our store optimization strategy while we implement our Plan for Renewal. As the retail landscape continues to evolve, we will continue to make thoughtful and strategic choices to Offer Compelling Merchandise, Drive Traffic, Deliver an Engaging Experience, Fuel Growth, and Build a Results-Minded Culture to ensure that JCPenney remains at the heart of America’s communities for decades to come.”
She said that JCPenney is providing a comprehensive benefits package for its departing associates, including severance for eligible associates, health care coverage through COBRA for those enrolled in benefits, outplacement support, compensation for unused paid time off, and extended associate discount benefits.
As announced on May 15, JCPenney entered into a restructuring support agreement with lenders holding approximately 70% of its first lien debt to reduce the company’s outstanding indebtedness and strengthen its financial position. To implement the financial restructuring plan, the company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Additional information regarding JCPenney’s financial restructuring is available at jcprestructuring.com.
The North Conway store, which closed in mid-March due to the pandemic and state closure order reopened June 12 for the start of its ongoing liquidation sale.
Gov. Chris Sununu’s closure order for non-essential businesses, including retail, was imposed from March 18 to May 11.
Along with Hannaford, the 38,500-square-foot JCPenney store had been one of the anchor stores at the Mountain Valley Mall since it opened in 1980 and continued that role when KGI Properties of Providence, R.I., acquired the property in 2005.
As part of its redevelopment of the mall, KGI in 2006 relocated JCPenney from its former location next to Hannaford and moved it into a building that once housed Kmart.
In 2007, the mall added the 170,000-square-foot Lowe’s to the east of the mall building, which also houses Mountain Valley Cinema and the Mystery NH Escape Rooms attraction.
JCPenney is the only retail anchor left at the Steeplegate Mall in Concord.
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