J.C. Penney preparing to file for bankruptcy
THE WOODLANDS, TX -- J.C. Penney is the latest retail store to feel the economic effects of the coronavirus outbreak. The Plano, Texas-based company has made plans to file for bankruptcy protection in the coming days due to the massive decline in sales.
Along with filing for bankruptcy, the company is preparing to close around 200 stores across the country. While some stores will be closed permanently, many J.C. Penney locations have begun to re-open with limited crowds and plexiglass shields at registers among other safety precautions.
According to Reuters, one plan for the company is to, “emerge from bankruptcy as two separate companies.” One entity would be in charge of the retail side, while the other serves as the landlord owning the company’s real estate.
J.C. Penney will join Neiman Marcus and J. Crew, who filed for bankruptcy last week.