J.C. Penney Closing Stores After Filing For Bankruptcy

JCPenney announced the permanent closure of 242 stores and filed for Chapter 11 bankruptcy due to financial struggles exacerbated by the COVID-19 pandemic. The company, burdened with over $4 billion in debt, has $500 million in cash and secured $900 million in financing. It is considering selling the company, with Amazon reportedly interested. The pandemic has forced JCPenney to make difficult decisions to ensure the safety of employees and customers. JCPenney is the largest retailer to file for bankruptcy, joining others like Neiman Marcus and J.Crew.

What major financial step did JCPenney take amid the pandemic?

• Filed for Chapter 11 bankruptcy

• Launched a new product line

• Merged with another retailer

• Increased store openings

How much cash does JCPenney currently have on hand?

• $750 million

• $1 billion

• $500 million

• $2 billion

Which company is reportedly interested in buying JCPenney?

• Best Buy

• Target

• Walmart

• Amazon

What is one of the challenges JCPenney faces due to COVID-19?

• A new reality requiring difficult business decisions

• Increased competition from new retailers

• Expansion into international markets

• A surge in online sales

Which other retailers filed for bankruptcy alongside JCPenney?

• Dillard's and Bloomingdale's

• Sears and Nordstrom

• Neiman Marcus and J.Crew

• Macy's and Kohl's