The end is near for about one out of every six JCPenney stores
The bankrupt company said they started store-closing sales Wednesday at 136 locations, which will last between 10 to 16 weeks. Five of those stores have been closed since mid-March due to the Covid-19 pandemic, and are only reopening to hold the liquidation sales. The company, which filed for bankruptcy on May 15, said it also reopened 115 stores on Wednesday that will remain in business -- at least for now.
The bankruptcy process allows companies to shed debt and other liabilities it can no longer afford. It also can give a company a second lease on life, and and some companies that filed for bankruptcy in the recent decades, including General Motors and many of the nation's airlines posted record profits after emerging from bankruptcy. But not every company that files for Chapter 11 planning to stay in business is able to do so.
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