It’s Officially the End of a Retail Era: JCPenney files for Chapter 11
J.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy protection on Friday. The company, which had racked up an unsustainable amount of debt in recent years, plans to close an unspecified number of stores permanently in a bid to survive bankruptcy. The retailer had 845 stores at the end of 2019, according to real estate data source CoStar Portfolio Strategy. […]
