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JC Penney to file for bankruptcy this week

JC Penney to file for bankruptcy this week

JC Penney Co Inc is preparing to file for bankruptcy protection this week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest company succumbing to the fallout of the pandemic. The woes, however, of the 118-year-old department store chain goes back even before the pandemic’s onset with a nearly $4 billion debt load and competition from e-commerce firms.

David
David
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