JCPenney Files for Bankruptcy
While the coronavirus pandemic was far from being the root cause of JCPenney’s decline, it certainly brought matters to the breaking point much faster. JCPenney is the fourth national retailer to file for bankruptcy in May alone. J.Crew was the first, followed by Neiman Marcus, then Stage Stores. JCPenney plans to stay in business after closing many of its stores.
“Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy — and our efforts had already begun to pay off,” said CEO Jill Soltau. “Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come.”