J.C. Penney revealed its initial list of proposed stores to be closed permanently as the company tries to stabilize under bankruptcy protection.
The department store chain, the largest company to file for bankruptcy protection so far during the coronavirus pandemic, had alreadyIn a bankruptcy court filing Thursday, the company listed the first 154 locations to close.
Bankruptcy Judge David Jones is expected to hold a hearing on June 11 to consider the proposal. Assuming he signs off,Money tips and advice delivered right to your inbox. Sign up here “While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” J.C. Penney CEO Jill Soltau said in a statement.
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