Famed Department Store JCPenney Files For Bankruptcy

JCPenney has filed for Chapter 11 bankruptcy due to the COVID-19 pandemic, with plans to restructure and reduce its $4 billion debt. The company will continue online operations and reopen select stores as lockdowns ease. CEO Jill Soltau highlights innovations in their ecommerce platform. The pandemic has forced many retailers to close stores and furlough employees, with a shift towards online shopping. Similarly, J.Crew has filed for Chapter 11, burdened by $2 billion in debt.

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