J.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.
The Plano, Texas-based retailer employed roughly 90,000 full- and part-time employees as of February.An empty parking lot is seen outside a closed JC Penney Co. store in Mt. Juliet, Tennessee, U.S., on Thursday, April 16, 2020., weighed down by debt and battered by the coronavirus, has filed for bankruptcy.
The Plano, Texas-based retailer, which was founded more than a century ago, employed roughly 90,000 full- and part-time employees as of February. "Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy – and our efforts had already begun to pay off," Soltau's statement said. "While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt.
In bankruptcy, the retailer said it will "reduce its store footprint" in phases. It will disclose specific store details and timing, in the coming weeks. CNBC previously the retailer making plans to close 180-200 stores.
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