JUST IN: JCPenney has filed for bankruptcy. The coronavirus crisis was the final blow to the 118-year-old company struggling to overcome a decade of bad decisions, executive instability and damaging market trends.
The company said it has an agreement with most of its lenders on the turnaround plan that will allow it to stay in business as a more financially healthy company, but will include closing a yet unannounced number of its 846 stores. It as part of the turnaround process it had arranged to borrow an additional $450 million from those lenders to pay for operations during the reorganization.The company blamed the Covid-19 pandemic for the need to file bankruptcy.
"We made significant progress on our efforts to return JCPenney to sustainable, profitable growth," Soltau said in a statement at that time.But that optimism proved short-lived, as net income plunged 64% in its fourth quarter, which included the holiday shopping season, and the company announced another round of store closings. These are the companies Covid-19 is impacting the most - and the leastThe coronavirus pandemic ultimately plunged the company into bankruptcy.
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