J.C. Penney plans to permanently close more than 240 stores as it tries to streamline its business under bankruptcy protection
J.C. Penney Co. plans to permanently close more than 240 department stores, or nearly 30% of its locations, as the retailer tries to streamline its business under chapter 11 bankruptcy protection.
The 118-year-old company filed for bankruptcy on Friday, becoming the biggest retailer to seek court protection during the coronavirus pandemic. Neiman Marcus Group Inc., J.Crew Group Inc. and Stage Stores Inc. have all filed for bankruptcy this month.
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