118-year-old J.C. Penney, Retail News, ET Retail

Davida Erdahl

NEW YORK : The coronavirus pandemic has pushed the storied but troubled department retailer chain J.C. Penney into Chapter eleven personal bankruptcy. It is the fourth big retailer to satisfy that fate.

As aspect of its reorganization, the 118-12 months-outdated business reported late Friday it will be shuttering some shops. It reported the shops will shut in phases all through the Chapter eleven approach and particulars of the 1st period will be disclosed in the coming weeks.

Penney is the most important retailer to file for personal bankruptcy reorganization because the pandemic and joins luxurious department retailer chain Neiman Marcus, J.Crew and Stage Suppliers. Lots of other stores are expected to comply with.

“The coronavirus pandemic has made unparalleled problems for our families, our cherished ones, our communities, and our country,” reported Penney’s CEO Jill Soltau in a assertion. “As a final result, the American retail sector has knowledgeable a

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