JCPenney To Close Promenade Mall Location
There's another setback for Tulsa's Promenade Mall.
JCPenney plans to close its doors by the end of April. It's one of the last big names still open inside the mall.
For JCPenney, this is just one of several stores they're closing across the country.
2019 was a rough year for the Promenade Mall, which saw plenty of changes.
It started in January, when the mall's theater closed down.
In March, Victoria's Secret moved out when their lease expired. Charlotte Russe also closed. The former Macy's location flooded after a water pipe burst.
The malls' management told News On 6 last year that there was interest from local stores on moving into the mall.
But then over the summer, a legal battle ensued between the Promenade Mall, and its mortgage holder.
Court filings claimed the property's value has seen a three-year plunge from nearly $26 million in 2016, to about $4.5 million in 2019.
The owner of the mall, and the lender, eventually worked out the $6 million that was originally owed.
This year is getting off to a familiar headline though as the JCPenney is set to close their doors on April 24.
Oklahoma's Rapid Response Coordinator for the U.S. Department of Labor said a commission will be working with the company’s employees.
He said since the news of the JCPenney's closure is three months away, they believe they'll be able to help the workers get lined up with other jobs if they need it.
We don't know yet how many employees this will affect, or if workers will be moved to other stores in the area.
JCPenney released the following statement saying:
"As part of a standard annual review, JCPenney will be closing the store located at Tulsa Promenade Mall with an effective closing date of April 24. This decision is the result of an ongoing review of our store portfolio. It’s never easy to close a store, however, we feel this is a necessary business decision."