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The parking lot in front of a JCPenney store at The Shops at Tanforan Mall on May 15, in San Bruno, California. Photo: Justin Sullivan/Getty Images

JCPenney filed for Chapter 11 bankruptcy protection on Friday, following prolonged store closures amid the coronavirus pandemic.

Why it matters: This is the third major brick-and-mortar retail bankruptcy of the month, after J.Crew and Neiman Marcus, but by far the largest. The 118-year-old department store has 846 locations that employed around 90,000 people.

What they're saying:

“The Coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country. As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to protect the safety of our associates and customers and the future of our company."
— CEO Jill Soltau in a statement

Go deeper

Updated Aug 12, 2020 - Axios Events

Watch: Industry's digital update

On Wednesday August 12, @Work author Erica Pandey hosted a conversation on how the coronavirus has accelerated a nationwide shift to e-commerce, featuring Ellevest CEO Sallie Krawcheck and Kroger CEO Rodney McMullen.

Rodney McMullen discussed how grocery stores have adjusted to changing times and leaned more on contactless options — like online ordering with curbside delivery — to meet customers' needs.

  • On a hybrid shopping experience for customers: "One of the things that we've found is customers that use us online also like to come into our stores. That's one of the reasons why it's important to have a totally seamless experience where customers can do whatever's easiest for them at that particular point in time. From our view, part of this [shift to online shopping] will be permanent.
  • How coronavirus has changed trends in grocery shopping: "When people shop, the basket sizes are significantly bigger when you look at today versus before the pandemic. The other thing that's causing some of [the larger basket sizes] is families have moved back in together. I know a lot of kids have moved back with their parents."

Sallie Krawcheck discussed the financial industry, focusing on how women are being impacted by COVID-19 in their places of work and in their approach to finances.

  • How gender inequities can be amplified by remote work: "Women are a greater share of essential workers and are losing their jobs at a greater rate. And it's a problem at the most subtle level — women are finding all of the micro-inequities of the workplace. It's hard to get a word in edgewise in a meeting. Questions like 'how do I get my point of view heard?' are being really amplified in a Zoom era."
  • On the future role of in-person financial advising and transactions: "[Finance] is going digital first...The argument that you're not going to have the same relationship [with your financial advisor] if you don't meet in person isn't right."

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with
Okta CEO Todd McKinnon who discussed how brick-and-mortar businesses have shifted to e-commerce as a result of the pandemic.

  • "Companies [are] realizing that we're in this pandemic world for a long time. So they really have to have their digital strategies put together...When you can't go to the hardware store, the hardware store has to get online. And that's happening now."

Thank you Okta for sponsoring this event.

23 mins ago - Health

FDA advisory panel endorses Johnson & Johnson COVID vaccine for emergency use

Photo: Illustration by Cezary Kowalski/SOPA Images/LightRocket via Getty Images

A Food and Drug Administration advisory panel on Friday recommended the authorization of Johnson & Johnson’s one-shot coronavirus vaccine for emergency use.

Why it matters: The FDA is expected to make a final decision within days on the J&J vaccine, which was found to be 66% effective against moderate to severe COVID. An emergency use authorization would allow distribution to immediately begin, helping streamline and speed up the vaccine rollout across the U.S.

Dave Lawler, author of World
25 mins ago - World

Schiff: "Definitive" Khashoggi report sends clear message to Saudis

Photo: Leon Neal/Getty Images

The report released Friday on the murder of Jamal Khashoggi was short on evidence or new information, but Rep. Adam Schiff (D-Calif.) tells Axios that the “definitive” statement assigning responsibility to Saudi Crown Prince Mohammed bin Salman (MBS) speaks volumes.

What he’s saying: Schiff, the chairman of the House intelligence committee, says that while some intelligence couldn’t be published because of the need to protect sources and methods, “we rarely see something published that is this definitive and I think that's an important accomplishment for the administration.”