J.C. Penney restructuring to include 240 store closings

J.C. Penney, one of the longstanding American department store chains, has announced plans to close more than 240 of its 846 stores as part of its bankruptcy restructuring.

Penney, which filed for Chapter 11 bankruptcy protection on May 15, has been struggling to attract customers for years, with a stock price below $1 for much of 2020.