Retail

JC Penney files for bankruptcy during coronavirus pandemic

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

Luke Sharrett | Bloomberg | Getty Images

J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy.

Sales at J.C Penney have fallen annually since 2016. Its roughly 860-store footprint is less than a quarter of its store base in 2001. The company’s nearly $11 billion in sales for the last fiscal year are almost a third of its sales the same year.

The Plano, Texas-based retailer, which was founded more than a century ago, employed roughly 90,000 full- and part-time employees as of February. 

“The Coronavirus (COVID-19) pandemic…



Source cnbc.com

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