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