The financial pressure of the coronavirus pandemic has proved too much for the US department store chain J.C. Penney, as they have now filed for bankruptcy protection.
All stores will be closed down following the Chapter 11 bankruptcy filing, which allows companies to reorganise in order to meet debts. The company, which is 118 years old stated that some of its more than eight hundred stores will closed in gradual stages throughout the process of Chapter 11.
“The coronavirus pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country,” said Penney’s chief executive Jill Soltau.
