Pandemic claims another retailer: 118-year-old J.C. Penney
Last updated 5/15/2020 at 7:57pm
AP Retail Writer
NEW YORK (AP) — The coronavirus pandemic has pushed the storied but 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 shuttering some stores. It said the stores will close in phases throughout the Chapter 11 process and details of the first phase will be disclosed in the coming weeks.
Penney is the biggest retailer to file for bankruptcy reorganization since the pandemic and joins luxury department s...