Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaround
Sales at J.C. Penney have fallen annually since 2016. Its roughly 860-store footprint is less than a quarter of its store base in 2001. The company’s nearly $11 billion in sales for the last fiscal year are almost a third of its sales that same year.
The Plano, Texas-based retailer, which was founded more than a century ago, employed roughly 90,000 full- and part-time workers as of February.
“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 said in a statement.
“Until this pandemic …continued .
[Source: CNBC News]