JCPenney filed for bankruptcy.
reports that JCPenney filed for Chapter 11 bankruptcy protection today and plans on permanently closing select locations. reports. More recently, the company "racked up an unsustainable amount of debt" and in order to survive bankruptcy, the chain will close an unspecified number of stores from its portfolio of 845 locations. Moody's Investor Service reports that JCPenney has $4.2 billion in debt, though CNN has the number at $3.6 billion.
"Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come," CEO Jill Soltau said in the statement.JCPenney is 118 years old. Since 2011, the chain has closed 20% of its stores and had announced store closures as recently as February 2020, before the coronavirus pandemic closed most of its locations.
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