Retail

JC Penney is planning to file for bankruptcy in the next day, sources say

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J.C. Penney is planning to file for bankruptcy in the next day, people familiar with the matter tell CNBC. 

Its advisors are currently working on a bankruptcy filing that could come late Thursday night or early Friday morning, they said. They cautioned there is still a chance that final negotiations between the retailer and its lenders spill into the weekend and delay the filing.

J.C. Penney employed roughly 90,000 full-time and part-time employees as of February. It is working on a plan that would contemplate closing 180 to 200 stores while in bankruptcy. The retailer had 846 department stores as of February. 

The Plano, Texas-based retailer is planning on filing for bankruptcy…



Source cnbc.com

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