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.
Storied retailer Neiman Marcus filed for Chapter 11 bankruptcy protection on May 7, with coronavirus-driven decline in revenue making it impossible for the company to maintain its debt servicing.
The chain, whose in-store sales were stable, had been through two corporate acquisitions that saddled it with $5.1 billion in debt. Most of its stores have been temporarily closed.