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JC Penney plans to close more than 240 stores

Business

FILE – In this May 8, 2020, file photo, a J.C. Penney store sits closed in Roseville, Mich. The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate. Penney said late Friday, May 15, 2020, it will be closing some stores and will be disclosing details and timing in the next few weeks. (AP Photo/Paul Sancya, File)

NEW YORK (AP) — J.C. Penney will permanently close nearly 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 temporarily.

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.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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