Bankruptcy Looms Over East New York’s Gateway Mall Anchor Tenant JC Penney

Posted By NYC Newswire

photo: NYC Newswire

It has already been reported that a number of national retailers that have stores in the Gateway Mall, in East New York, have filed or will file for bankruptcy. Some of the closings and bankruptcies were happening prior to the COVID 19 pandemic, while others were already suffering and the pandemic is forcing them into bankruptcy.

One of Gateway Mall’s anchor tenants, JC Penney, filed for bankruptcy today. The large retailer has been in trouble for many years but they might be on their way to non-existence soon.

According to MSN ,J.C. Penney employed roughly 90,000 full-time and part-time employees as of February. It is working on a plan that would contemplate closing 180 to 200 stores while in bankruptcy. The retailer had 846 department stores as of February. It is not clear if the Gateway store is on their list to close at this point, but the future of the retailer looks bleak.

This is a story worth watching because of it’s impact as the anchor tenant of Gateway. JC Penney is the first store you see when driving into the main entrance of the mall. Having this store empty for years would not be pretty. The Babies R Us store next to Red Lobster at the Gateway Mall remains empty since the brand went bankrupt in 2018. The old Babies R Us location is in the back of the mall so it’s not a huge black eye for the mall, but JC Penney is a different story altogether.

NOTE: Dave and Busters was scheduled to open at the old Babies R Us building at the Gateway Mall, however, Dave and Busters reported major financial problems due to the pandemic, forcing them to furlough nearly all of their employees and halting openings of any new stores.  Read the article here.

Stay tuned for updates.

Content Distributed by: NYC Newswire

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