- JC Penney is a U.S. department store chain known for selling family apparel, cosmetics, and jewelry at roughly 850 locations.
- The department store chain was founded on April 14, 1902, in Wyoming, USA.
- The company filed for Chapter 11 protection at the US Bankruptcy Court for the Southern District of Texas.
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JC Penney filed for Chapter 11 protection at the US Bankruptcy Court for the Southern District of Texas last Friday. Before the COVID-19 outbreak in the United States, JC Penney was a struggling company with nearly $4 billion of debt and pressure from competing retailers such as Walmart and Target who have squeezed smaller rivals by offering bargain-priced apparels.
Earlier this month, both luxury department store chains Neiman Marcus and clothing retailer J. Crew also filed for bankruptcy protection after efforts to rework their finances failed. Stage Stores, a department store chain selling mid-priced apparel mostly in rural areas in the US, said earlier this week it would liquidate the company unless it finds a buyer.
JC Penney said it reached an agreement with creditors for around $900 million of fresh financing to aid operations,while it navigates bankruptcy proceedings.
The company, founded on April 14, 1902, in Wyoming, USA, is a 118-year-old department store chain, which once operated more than 1,600 locations that became fixtures in US shopping malls. The company at one point employed nearly 200,000 people.