Photo: John Nacion/NurPhoto via Getty Images

JCPenney is planning to file for Chapter 11 bankruptcy protection as early as tomorrow, and reportedly is negotiating a $450 million debtor-in-possession financing package with existing lenders.

Why it matters: This would be the month's third major retail bankruptcy, following J. Crew and Neiman Marcus, but by far the largest. The 118 year-old department store has 846 stores that had employed around 90,000 people.

The bottom line: "The U.S. economy is facing structural uncertainty as states look to reopen businesses, but the coronavirus continues to spread. ... For retailers, there is also uncertainty as to whether — and how — shoppers will want to visit their stores. For those planning bankruptcy, those questions have added complexity as they negotiate loans with their lenders to help finance operations under court protection." — Lauren Hirsch, CNBC

Go deeper: The plight of restaurants and retail in the face of coronavirus

Go deeper

The next wave to hit Main Street

Illustration: Eniola Odetunde/Axios

Call it the great retail wash. A wave of defaults, bankruptcies and evictions expected in cities across the U.S. is poised to remake the retail landscape across the country, but there may be some upside for consumers and small businesses.

Why it matters: Rather than an overnight descent into a collection of urban wastelands full of Starbucks, Amazon fulfillment centers, Chase bank branches and nothing else, the coronavirus pandemic and resulting retail apocalypse may just mean that, in major U.S. cities, less is more.

Updated 44 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.