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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

Masks, dorm decor and more: Retailers target coronavirus back-to-school shopping

Illustration: Eniola Odetunde/Axios

With colleges and grade schools going virtual, marketers are trying to come up with ways to pry consumers' wallets open during the back-to-school season.

Between the lines: Retail sales in July came in higher than they were in February, before the pandemic sent stores and restaurants closing en masse, the Commerce Department reported Friday morning.

House passes $1.9 trillion COVID relief package

Photo: Screenshot via C-SPAN

The House approved President Biden's $1.9 trillion COVID relief package on a 219-212 vote early Saturday morning, sending it to the Senate for a possible rewrite before it gets to Biden's desk.

The big picture: The vote was a critical first step for the package, which includes $1,400 cash payments for many Americans, a national vaccination program, ramped-up COVID testing and contact tracing, state and local funding and money to help schools reopen.

8 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."