Detroit Lakes JCPenney to close, new tenant in the works
DETROIT LAKES, Minn. (Valley News Live) - The JC Penney in Detroit Lakes will be closing its doors for good this spring.
Jim Buus, who is part of the buildings ownership group, says JCP had been operating at 925 Washington Avenue in Detroit Lakes since the 1960′s. Buus says, in the last two years JCP has gone through bankruptcy, been acquired by new ownership and closed more than 200 stores including four in MN.
Buus said the lease for the JCPenney store was set to expire in August and the building’s ownership group decided not to renew the retailer’s lease. The store plans to begin a liquidation process in February and the final shopping day will be sometime in May.
“We knew for several years JCP would not be a long term tenant, especially after they filed bankruptcy, Buus told Valley News Live.
The ownership group says a new retailer could be in the space by the end of the year, after some major maintenance and renovation.
“We have signed a new lease with a new retail tenant to replace JCP and plan for hundreds of thousands in renovations. While we are saddened by JCP closure, it had nothing to do with us as landlords and we remain committed to the evolution, redevelopment and progress of our community.”
Buus said the new tenant is expected to be a long-term fixture at the location and they will make an announcement once an agreement is finalized.
JCPenney media relations said in a statement, “The decision to close a store is never an easy one. We are grateful to our dedicated associates and the loyal customers who have shopped at our Detroit Lakes location.”
Returns on items will be granted until the end of January at the Detroit Lakes JCP location.
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