Major Retailer Closing Last Central New York Store After Nearly 50 Years
It's the end of an era. A major retailer is closing its last store in Central New York after nearly 50 years in business.
JC Penney is closing the Oswego store that opened in 1977. The doors will shut for a final time in May. Liquidation sales will begin in February, according to Syracuse.com.
The JC Penney stores in Sangertown Square in New Hartford, Destiny USA in Syracuse, and Freedom Plaza in Rome closed in 2020 after filing for Chapter 11 bankruptcy, in an attempt to reorganize under a massive amount of debt.
Read More: Inside Old JC Penney in Sangertown Square
Billions in Debt
The 118-year-old retailer accrued over $4 billion in debt trying to keep the company afloat.
Before the coronavirus even hit, the company had been struggling to keep up with online competition from Amazon and discount retailers like TJ Maxx and Marshalls.
The Oswego closure leaves Cortland as the closest JC Penney location to Central New York.
CNY Bed Bath & Beyond Closed
JC Penney isn't alone. As more and more shop online, more stores are closing up shop. The Bed, Bath & Beyond in Consumer Square in New Hartford was among the 56 locations that shut down in September 2022.
The retailer is one of 14 businesses we saw close in 20022.
Read More: 14 Businesses That Closed in CNY in 2022