JC Penney files for bankruptcy, plans to close some stores
The Plano, Tex.-based chain, which has cycled through four chief executives in seven years, has tried repeatedly to turn its business around. It has invested in hair salons, built up its baby department and even begun selling used clothing through a partnership with the consignment site ThredUp.
last year. “Nobody is going into a J.C. Penney and saying, ‘You’ve got to see this place. It’s great.’ ”The retail chain is losing out to rivals such as Walmart, Target and Amazon, which have doubled down on clothing and home goods and spent billions building up their online operations. It also faces growing competition from off-price retailers such as T.J. Maxx and Burlington Coat Factory, which have thrived since the Great Recession.
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