Bradenton JCPenney store at DeSoto Square among the 154 that will shut nationwide
JCPenney has announced that its Bradenton store in the DeSoto Square mall is among 154 chosen to be permanently shuttered.
“Following a comprehensive review of our retail footprint, JCPenney made the difficult decision to close 154 stores. We will continue to operate the majority of our stores and our flagship store, jcp.com, to ensure our valued customers continue to have access to the products and brands they need and want,” the company said on its website.
The Texas-based retailer, which opened in 1902, filed for Chapter 11 bankruptcy protection on May 15.
Following entry of an order with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, JCPenney said it expects to begin closing stores in the next few weeks.
JCPenney was one of the original anchors of DeSoto Square mall, 303 301 Blvd. W., when it opened in 1973.
The Bradenton store closed in March under a governor’s executive order closing retail stores to curb the spread of COVID-19. After Florida Gov. Ron DeSantis partially lifted the order in May, the store remained closed.
DeSoto Square has been losing tenants for years, notably Sears and Macy’s, and is now less than half full. The owners of the mall purchased the property in April 2017 for $22.8 million, and are trying to emerge from a foreclosure proceeding.
In January, the mall owners staved off foreclosure by agreeing to pay $1.5 million to the lender within 90 days and another $3 million no later than June 1, with the money going to pay down interest.
Attorney Ron Gache, representing the mall owners, said in January that his client intended to pay off the entire debt, totaling $29,350, 990, before the deadline and proceed with redevelopment of the mall property near the intersection of U.S. 41 and 301 Boulevard.
If a total of $4.5 million was not paid as agreed, the foreclosure sale would be held June 3. If the $4.5 million is paid according to schedule, the foreclosure sale would be set for Sept. 30.
But that was before the COVID-19 pandemic. By emergency order, foreclosure and eviction sales through June 30 have been canceled.
That leaves the fate of the mall up in the air. In December, the Herald reported that the owners of the DeSoto Square mall were proposing to demolish most of the mall property and redevelop it as a mixed-use development.
In papers filed with Manatee County, the mall owners proposed redeveloping the 57.86-acre mall property into 128,514 square feet of retail, including a lifestyle center, a 40,000 square-foot grocery, 90,000 square feet of office space and three retail outparcels, totaling 16,250-square feet.
Also envisioned were 360 units of residential-lifestyle center, 360 units of residential-garden homes, 150 units of senior housing, and two residential-amenity buildings.
Excluded from the redevelopment proposal were the former Sears store area, where MGC Bradenton Sears LLC plans a ministorage facility, and the Hungry Howie’s Pizza building and parking lots.
“It is expected that the full build-out of the DeSoto Square Mall Redevelopment Project may take as long as 10 years to complete and include multiple builders/developers involved in various portions of the project,” Kimley Horn, the company that designed the Bradenton Riverwalk, wrote in a memorandum dated Nov. 22 to Manatee County Development Services.
JCPenney is planning to close nine Florida stores. Among the stores closing is Westshore Plaza in Tampa. Other stores closing are in Cape Coral, Fort Myers, Jacksonville, Lake Wales, Mary Esther, Orlando and Sebring.
JCPenney said it remains focused on its plan for renewal and driving sustainable, profitable growth, and that it intends to reduce its store footprint and focus resources on its strongest stores and eCommerce flagship store, jcp.com. Store closing sales for the first round of store closures are expected to take 10 to 16 weeks to complete.
This story was originally published June 5, 2020 at 10:17 AM.
