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JC Penney to close more than 240 stores as part of bankruptcy plan

The company filed for bankruptcy on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to shut down all stores.

J.C. Penney will close almost 30% of its 846 stores as part of a restructuring under bankruptcy protection.

The Plano, Texas, retailer said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.

That would leave the company with just over 600 stores.

Penney filed for bankruptcy reorganization on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to shut down all stores.

The pandemic has begun to fell some of the weakest companies as retail sales plunge. J.Crew and Neiman Marcus sought bankruptcy protection days before J.C. Penney. All three were already laden with debt and having trouble connecting with consumers.

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Credit: ASSOCIATED PRESS
FILE - In this July 15, 2009 file photo, the main entrance of the JC Penney flagship store at Manhattan Mall is shown.J.C. Penney Co. reported a flat second-quarter profit on Friday, Aug. 12, 2011, as the department store retailer aggressively marked down prices on fashions to get its middle income shoppers to keep spending in an increasingly uncertain economy. (AP Photo/Mary Altaffer, file)