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J.C. Penney closes more than 240 stores for bankruptcy

May 20, 2020

After 118 years of history and 850 locations in the United States, the corona virus underpinned the crisis that led the brand to bankruptcy.

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J.C. Penney closes more than 240 stores for bankruptcy
J.C. Penney closes more than 240 stores for bankruptcy


The legendary department store chain J.C. Penney, will permanently close more than 242 storesalmost 30 percent. This as part of a bankruptcy restructuring due to the pandemic, the company reported.

J.C. Penney joins the list of companies seeking government protection. For a few days, it was rumored that, as reported, they would file for bankruptcy Business insider.

Then the medium CNN reported that the company also had a debt and a 30-day grace period. But that condition hasn’t been met and now he’s facing nearly $ 4 billion in debt.

The company, based in Plano, Texas, announced that it plans to close around 192 stores by February 2021. In addition to another 50 in the next 12 months after that date. This way you get 604 locations.

“The stores that stay open generate the most sales, are the most profitable and productive on the network,” said J.C. Penney.

As reported by various US media, the bankruptcy came after several years with little sales and strategic mistakes in trying to reinvent itself again and again without success.