JCPenney Declares Chapter 11 Bankruptcy Due To COVID-19
Yet another major retailer announces that it will enter into chapter 11 bankruptcy. JCPenney announced last Saturday that is plans on officially filing for bankruptcy in the coming weeks and will release a schedule of store closes soon afterward.
JCPenney joins three other major retailers, J.Crew, Neiman Marcus, and Stage Stores, in shuttering stores nationwide due to prolonged closures amidst the coronavirus pandemic.
According to their wikipedia page, JCPenney employes 90,000 people, most of which have already been furloughed since mid-March.
As of right now there have been no announcements as to when West Michigan JCPenney locations will reopen once the stay-at-home order is lifted. There are also no announcements as to when the stores will close permanently due to the bankruptcy.
JCPenney has been in business since 1902.