J.C. Penney Files for Bankruptcy

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By , 1010 WINS

NEW YORK (1010 WINS) -- J.C. Penney has filed for bankruptcy, following in the footsteps of other retailers, including Neiman Marcus and J. Crew.

The 118-year-old Plano, Texas-based retailer, which has more than 800 stores, filed for Chapter 11 protection in federal bankruptcy court for the Southern District of Texas.

The retailer has several stores in the tri-state region, including one near Herald Square in Manhattan. They have a total of 1100 stores in all 50 states.

Sales at J.C Penney have steadily fallen annually since 2016. 

As of February, it employed about 90,000 full- and part-time employees.

It claims the coronavirus pandemic is largely to blame.

"Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy -- and our efforts had already begun to pay off," said CEO Jill Soltau, according to CNN.

"Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come."

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