NEW YORK (AP) – The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate.
As part of its reorganization, the 118-year-old company said late Friday it will be closing some of its stores and will disclose details and timing in the coming weeks.
It operates 850 stores and it has nearly 90,000 workers. It said that it received $900 million in financing to help it operate during the restructuring.
Penney joins luxury department store chain Neiman Marcus, J.Crew and Stage Stores in filing for bankruptcy reorganization. Plenty of other retailers are expected to follow.
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