JCPenney files Chapter 11 bankruptcy amid COVID-19 pandemic

Coronavirus

NEW YORK (AP) — The coronavirus pandemic has pushed troubled department store chain JCPenney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate.

JCPenney said late Friday it will be closing some stores and will be disclosing details and timing in the next few weeks. It currently operates 850 stores and employs nearly 90,000 workers. It said that it received $900 million in financing to help it operate during the restructuring.

JCPenney joins luxury department store chain Neiman Marcus and J.Crew in filing for bankruptcy reorganization. Others are expected to follow. Still many experts are pessimistic about JCPenney’s long-term survival.

WISCONSIN CORONAVIRUS COVERAGE

WFRV COVID-19 Coverage | Confirmed cases in Wisconsin
Tracking coronavirus | Local health experts talk coronavirus
Stimulus check calculator| Local businesses hiring during outbreak

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

More Don't Miss

Coronavirus News

More Coronavirus

Trending Stories

Your Local Election HQ

More Election

Local Sports

Xtra Point High School Football: West De Pere gets first win, Kaukauna blasts D.C. Everest & more

Green Bay Nation 10/21: What happened to the Packers offense?

Green Bay Nation 10/21: GBN Gang Pick 'EM

Green Bay Nation 10/21: Challenge or No Challenge

Green Bay Nation 10/21: Top Five Tweets

Green Bay Nation 10/21: Previewing the Texans