JCPenney plans to close nearly 200 stores this year and an additional 50 stores next year as it seeks to use bankruptcy to turn around its business
The iconic retailer has yet to identify which of its 846 stores will be permanently closed. And it did not say how many of its 85,000 employees would lose their jobs as a result of the store closings. It filed for bankruptcy protection Friday evening, and disclosed its store closing plans in filings over the weekend.
JCPenney blamed the Covid-19 pandemic for its need to file bankruptcy."Until this pandemic struck, we had made significant progress rebuilding our company," CEO Jill Soltau in a statement Friday night announcing the bankruptcy, adding that the company's efforts"had already begun to pay off.
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