J.C. Penney Files Bankruptcy After Years of Decline and Debt
- The court filing comes with commitments of fresh capital
- Reorganization plan envisions keeping retailer in business
An empty parking lot outside a closed JC Penney Co. store in Mt. Juliet, Tennessee.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
J.C. Penney Co. filed for bankruptcy, punctuating decades of decline and failed turnaround plans for the once ubiquitous mainstay of America’s shopping malls.
The Chapter 11 filing allows the giant department store chain to stay in business and work out a way to pay its bills. Some of the chain’s stores will be closed permanently, with locations to be disclosed in the coming weeks, and the company could be put up for sale, J.C. Penney said in a statement.