JCPenney Plans To Close 29% Of Stores

JCPENNEY PLANS TO CLOSE NEARLY 200 STORES THIS YEAR

(CNN) – Just days after filing for bankruptcy, JCPenney is now planning to close nearly 200 stores this year.

The 118-year-old company has struggled to gain profits for years but the company said the pandemic caused sales to plummet.

Last Friday JCPenney’s filed for Chapter 11 bankruptcy protection .

The retailer has 85,000 employees but hasn’t said how many people will lose their jobs because of the closings.

The company says next year an additional 50 stores will have to be closed.

JCPenney is the fourth national retailer to file for bankruptcy just this month.

Categories: Business