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.

Senate to vote on Amy Coney Barrett's confirmation on Oct. 26

Senate Majority Leader Mitch McConnell (R-KY) in the Capitol on Oct. 20. Photo: Stefani Reynolds/Getty Images

The Senate will vote to confirm Judge Amy Coney Barrett to the Supreme Court next Monday, Oct. 26, Majority Leader Mitch McConnell (R-Ky.) announced Tuesday.

The big picture: The Senate Judiciary Committee will vote this Thursday to advance Barrett's nomination to the full Senate floor. Democrats have acknowledged that there's nothing procedurally that they can do to stop Barrett's confirmation, which will take place just one week out from Election Day.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.