Bankrupt department store operator JCPenney will close 154 stores this summer but those in the heart of Middle Tennessee will not be among them.
Texas-based JCPenney filed for protection from its creditors last month. Its planned closures will trim the store network by about a fifth and do not include the company’s locations in CoolSprings Galleria, RiverGate Mall, Providence Marketplace in Mt. Juliet, Stones River Mall in Murfreesboro and Governors Square Mall in Clarksville.
Included on the closure list are stores in Columbia Mall and in McMinnville’s Three Star Mall. Four other locations in Tennessee — in Cleveland, Dyersburg, Kingsport and Maryville — also will be shut down. (The full list is available here.) Closing sales there will start June 12 and could last up to 16 weeks, the company said.
Nashville’s retail real estate market was in solid shape heading into the COVID-19 crisis. According to data compiled by brokerage firm Colliers, the region’s retail vacancy rate on March 31 was just 3.9 percent — near historic lows — after companies had leaded up more than 280,000 square feet of space in the first quarter.