After filing for bankruptcy, two Central Ohio locations of this iconic 123-year-old retail chain up for sale 

Can a business be judged by its bankruptcy, even if it’s been around for 123 years? 

In 1902, James Cash Penney opened his first store, called the “Golden Rule Store,” and by 1912, he reached $2 million in sales. A year later, he changed the name to J.C. Penney Co., and by 1952, JCPenney’s passed the $1 billion mark in annual sales, with 70,000 associates and 1,609 locations. 

Their success carried all the way through the 60s, 70s, 80s, and even the 90s. But by 2009, JCPenney’s discontinued its popular catalog and closed a large network of their outlet stores. In 2012, Penney’s tried to rebrand as “America’s Favorite Store,” but sales continued to decline, eventually leading them into $4.8 billion of debt.

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In 2020, JCPenney stock fell below $1 a share, putting it at risk of being delisted from the New York Stock Exchange, eventually leading them to file for Chapter 11 bankruptcy protection, and closing hundreds of stores to reduce debt and avoid liquidation. 

Which now brings us to the present-day. After continued decline in sales and inflation, 120 JCPenney stores nationwide will be for sale this month, including 2 right here in Central Ohio. 

The locations at Polaris Fashion Place (1450 Polaris Parkway) and Tuttle Crossing Mall (5083 Tuttle Crossing Blvd.) are officially on the market for sale. The stores at these locations are both around 150,000 square feet, and rent is listed as $6.24 per square foot.

Other Ohio locations to be listed for sale include the stores at Stone Creek Town Center in Cincinnati, the Shops at Fallen Timbers in Toledo, and one in the Cleveland area at SouthPark Mall.

Newmark, a commercial real estate advisor who’s listing the portfolio on JCPenney’s behalf, estimates these listings to raise more than $1 billion according to CoStar News.

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