Blaming the coronavirus pandemic’s economic impact, struggling department store J.C. Penney on Friday filed for Chapter 11 bankruptcy protection.
In making the announcement, executives with the 118-year-old retailer said several of its 850 stores will be closing in coming weeks, although they’ve yet to determine which ones will get the ax or how many employees will lose their jobs. The company currently employs nearly 90,000 U.S. workers.
The news makes J.C. Penney the fourth major retailer to file for bankruptcy amid the coronavirus pandemic, following Neiman Marcus, J.Crew and Stage Stores.
