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By Ellen Fike, Cowboy State Daily
Department store chain J.C. Penney Co. has placed its original store in Kemmerer up for auction, according to Forbes.
The company filed for bankruptcy in May and was given until the end of July to formulate a business plan that would appease the court and its own creditors.
On Friday, the company released that plan, known as the “JCPenney Disposition Portfolio.” The document listed 142 leased locations and 21 company-owned stores that are scheduled for a mid-September auction. These locations were targeted for closure to help facilitate the company’s sale as part of the court proceedings.
The Kemmerer store was one of the 21 company-owned locations listed for auction. Forbes stated that the store will likely be liquidated and sold after the auction.
The Kemmerer location is known as the “Mother Store” and has been in continuous operation since the company’s founding in 1902 by James Cash Penney. When it first opened, the store was known as the “Golden Rule Store.” The building is part retail store, part museum.
The bidding date for the Kemmerer location is Sept. 9. Forbes couldn’t find a particular reason for the company’s officials deciding to auction the store, and representatives were also unable to provide further details on it.
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August 04, 2020 at 02:58AM
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JCPenney Places Original Kemmerer Store Up For Auction - Cowboy State Daily
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