J.C. Penney planning to close nearly 250 stores nationwide after filing for bankruptcy

Business
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FILE- In this Nov. 24, 2017, file photo, a shopper heads into a J.C. Penney store in Seattle J.C. Penney Co. reports financial results on Friday, March 2, 2018. (AP Photo/Elaine Thompson, File)

(WTVO) — J.C. Penney will be closing nearly 250 of its 846 stores nationwide after filing for bankruptcy last week. The retailer said on Monday that the move is part of its restructuring plan.

The company said 192 of the stores will be shuttered by February 2021 and then an additional 50 over the following year. This means nearly 30% of all remaining stores in the company will be shutting down.

The company has yet to release a list of which stores will close, and did not say how many of its 85,000 employees would lose their jobs.

The company filed for Chapter 11 bankruptcy protection on Friday, blaming it on the dire economic impacts caused by the coronavirus. It is the biggest retailer to file for bankruptcy since the onset of the pandemic.

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