JC Penny Teeters On Bankruptcy

Long-time retailer JC Penny could file for bankruptcy protection today.

The company is still in talks with its lenders, but the retailer is still looking to downsize.

JC Penny is looking to restructure $4-billion in debt while dealing with retail shutdowns that were ordered as a result of the pandemic. Online sales have not been enough to offset the lost revenue.

Just last week, Neiman Marcus and clothing retailer J. Crew filed for bankruptcy protection.

Founded in 1902, JC Penny has 846 stores nationwide, but could close 200 of them. As of February, 90,000 people worked at JC Penny across the U.S.

Image courtesy Getty

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