JC Penney filed for bankruptcy protection with plans to permanently close some stores and also explore a possible sale. The department store chain has said it reached an agreement with existing lenders for $900 million of debtor-in-possession financing to aid operations while it navigates bankruptcy proceedings. Even before the COVID-19 outbreak, the chain was struggling with nearly $4B of debt.
Another one for the pile. Adapt, evolve, or perish. 🤷‍♂️
They hadn't already? We all knew it was only a matter of time. The little global problem certainly couldn't have helped them.