As we all well know by now, JCPenney is set to close many stores in about a month or two thanks in part to the company declaring bankruptcy earlier this year. In a twist of fate, however, there are a few select stores that were initially a part of the store closures list, but would be taken off pending 'further review.' The store we are looking at today in Oswego, NY happens to be one these locations.
This store opened in 1977 in what was a Grant City location. Just as the linked article suggested through the manager's comments, it is indeed very likely that the landlord gave JCPenney a cheaper lease. This actually isn't unheard of as it would be better for a landlord to keep the space filled at a cheaper rate than to collect no rent at all- especially for a bankrupt company that is likely to survive. It also makes the store more attractive to keep, as it would decrease the cost of keeping it open and therefore more likely to become profitable. Basically it is a win-win for all parties.
I feel like that the fact that JCPenney is willing to keep stores in a situation like this suggests the company plans to be around for years to come. Not all companies in bankruptcy are willing to negotiate to keep select stores on a closing list open.
Nice to see the big thank you messages on the outside of the store.
Looks like Big Lots found a way into JCPenney....
It would seem that JCPenney doesn't use the entirety of the Grants space, but I could be wrong.
This toy department is a bit underwhelming. I would like to see them expand it a bit more.
Hopefully Oswego's JCPenney will stick around for a while.
