JCPenney plans to close nearly 200 stores this year Additional 50 stores closing in 2021
The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate. (Getty)
Just days after filing for bankruptcy, JCPenney is now planning to close nearly 200 stores this year.
The 118-year-old company has struggled to gain profits for years, but the company said the coronavirus pandemic caused sales to plummet.
Last Friday, JCPenney’s filed for Chapter 11 bankruptcy protection.
The retailer has 85,000 employees but hasn't said how many people will lose their jobs because of the closings.
The company says next year an additional 50 stores will have to be closed.
JCPenney is the fourth national retailer to file for bankruptcy just this month.
Copyright 2020 by CNN Newsource - All rights reserved.
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