J.C. Penney files for bankruptcy, latest retailer hit by coronavirus pandemic
J.C. Penney Co. Inc. JCP, +21.24% said late Friday that it had filed a Chapter 11 petition for the reorganization of the company and entered into a restructuring agreement with lenders holding roughly 70% of a portion of the company's debt. Shares of J.C. Penney fell 29% in the extended session."The coronavirus pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," J.C.
"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." The company said it would continue operations and that it had $500 million in cash as of the Chapter 11 filing date.
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