4. JCPenney

How Many Stores Closing: 2 (150 since 2020)

Current Value of the Business: $11.2 billion* (2019 Revenue)

JCPenney, a notable department store, faces significant challenges, leading to the closure of two outlets in Elkhart, Indiana, and Oswego, New York, by 2023. However, these closures are just the tip of the iceberg for the company’s issues.

Since 2020, JCPenney has closed 150 stores and seen a decline in sales, despite generating over $11 billion in revenue in 2019. The company stopped publicizing its financial reports post-2020. Meanwhile, Kohl’s, a direct competitor, is experiencing growth, propelled by a new CEO’s strategies in 2023.