JC Penney to file for bankruptcy, close about 200 stores: report
NEW YORK (WSET) -- J.C. Penney is preparing to file for bankruptcy protection as soon as next week, according to a report by Reuters.
The report shows that the company will permanently close about one-fourth of their 850 stores in the United States, which equals about 212 stores.
The Plano, Texas-based company has been operating for 118 years, but has struggled with a nearly $4 billion debt even before the coronavirus pandemic, according to Reuters.
The company employs nearly 85,000 people across its stores. They announced in March that they would be furloughing most of their store employees due to COVID-19.
Reuters reported J.C. Penney is in talks with creditors for "a so-called debtor-in-possession loan to bolster its finances while it navigates bankruptcy proceedings."
J.C. Penney declined to respond to the report.
