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J.C. Penney gets more time from lenders in push for survival

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An empty parking lot is seen outside a closed JC Penney Co. store in Mt. Juliet, Tennessee, on Thursday, April 16, 2020.

Luke Sharrett | Bloomberg | Getty Images

J.C. Penney will lay off about a thousand employees as it hashes out a plan with its lenders to emerge from bankruptcy. 

The struggling retailer filed for court protection on May 15, with roughly 860 stores and about 90,000 full-time and part-time employees. It has announced plans to close about 170 stores in recent weeks, though negotiations with landlords are ongoing. On Wednesday, it said it expects about 152 closures. 

To match its shrinking store base, J.C. Penney said Wednesday it will lay off about 1,000 workers, in…



Source cnbc.com

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