J.C. Penney is the latest — and likely not the last — retailer whose preexisting conditions led them into bankruptcy during the pandemic.
The remains of a J.C. Penney store are seen at an abandoned shopping mall in North Carolina. The department store chain is filing for bankruptcy as coronavirus lockdowns shatter its plans for recovery.Andrew Caballero-Reynolds/AFP/Getty Images
The remains of a J.C. Penney store are seen at an abandoned shopping mall in North Carolina. The department store chain is filing for bankruptcy as coronavirus lockdowns shatter its plans for recovery.In its 118-year history, J.C. Penney has gone from a Wyoming-based dry-goods store to being a key pillar of the American mall.
But like many malls across the country, J.C. Penney has been struggling for some time. The coronavirus lockdowns finally took the department store over the brink. The company said Friday that it'sand plans to close some of its stores"in phases," the timing and scale of which will be disclosed"in coming weeks."
It's the latest — and likely not the last — retailer whose preexisting conditions led them into bankruptcy during the pandemic, as clothes shopping has fallen off a cliff and the U.S. economy careens into a recession. In April, clothing purchases dove 79% amid a
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaroundJ.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy. The retailer employed roughly 90,000 full- and part-time employees as of February.
Read more »
J.C. Penney files for Chapter 11 bankruptcy, plans some permanent store closingsJ.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy.
Read more »
J.C. Penney, Pinched by Coronavirus, Files for BankruptcyJ.C. Penney filed for chapter 11 bankruptcy protection, becoming the latest retailer to seek a court restructuring during the coronavirus pandemic.
Read more »
J.C. Penney Down to the Wire in Bankruptcy TalksJ.C. Penney Co. Inc. has been racing to secure the financing it needs to see it through a bankruptcy.
Read more »
J.C. Penney set to file for bankruptcy in coming days: reportsJ.C. Penney Co. Inc. is poised to file for bankruptcy protection in the coming days, according to multiple reports Thursday. Reuters reported the filing could come next week, while CNBC reported it could come as soon as Friday. The battered retailer has a roughly $4 billion debt load, and was facing serious financial problems even before the coronavirus pandemic forced it to temporarily shut all its stores. Last month, the Wall Street Journal reported the company was in advanced talks for bankruptcy funding, and was seeking a loan package of $800 million to $1 billion to keep its operations afloat during a potential bankruptcy process. J.C. Penney operates more than 800 stores in the U.S., employing about 90,000 people. Its shares have plunged 83% year to date, compared to the S&P 500's 12% decline.
Read more »