Despite its iconic 118-year legacy, Plano, Texas-based J.C. Penney was already struggling with a roughly $4 billion debt load and increased competition from online retailers before the virus forced widespread stay-at-home orders, crippling what remained of foot traffic.
By seeking reorganization protection, however, company officials are hopeful they can shutter roughly one-quarter of the department store chain's 850 stores and move forward with a leaner model, Reuters reported.
It was not immediately clear how many of J.C. Penney’s estimated 85,000 employees will be affected
According to CNBC, J.C. Penney reported $10.7 billion in net sales in 2019, down 8.1% from the year prior.
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