J.C. Penney is the latest retailer to file for bankruptcy amid the pandemic. The Plano, Texas, retailer said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.
According to NBCNewYork, J.C. Penney said Monday (May 18th) that as part of its restructuring after filing for Chapter 11 bankruptcy protection on Friday it will permanently close more than 240 stores, nearly 30 percent of its 846 locations.
The department store chain said it plans to close about 192 stores by next February, and then another 50 stores in the year after that, leaving just over 600 stores. J.C. Penney is the largest retailer to file for bankruptcy since the pandemic forced sweeping store closures. It filed days after J.Crew and Neiman Marcus also sought bankruptcy protection.
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