Lawstreet Journal

118-Year-Old Department Store, J.C. Penney Files For Bankruptcy

Lawstreet Journal 20 May 2020 9:36pm

Image courtesy: Lawstreet Journal Business 118-Year-Old Department Store, J.C. Penney Files For Bankruptcy

J.C Penney has filed for bankruptcy citing reasons related to the coronavirus. The news has followed right after J. Crew and the Neiman Marcus Group represented and filed the largest casualty amongst retail shutdowns due to the pandemic. 

The marquee was for a long time the mainspring of malls in the US and an inarguable success story. It sold budget-friendly clothing for families and reliable home furnishings. What started as a small dry goods store in Wyoming in the year of 1902, 100 years later, became a country-wide chain with every citizen recognizing its name with more than a thousand store locations.

However, on 15th May 2020, the retail chain filed for bankruptcy protection which was bound to happen after a continuing decline over the past 20 years. The retail company has more than 800 stores and close to 85,000 employees.

The company’s collapse is not the only one to be reported in recent times. Other retail bankruptcies which came to the fore this month include J. Crew, the Neiman Marcus Group couture men’s clothing brand John Varvatos. But it could be said that J.C. Penney has been one of the largest chains to be hit by far based on the number of its stores that anchor many of the country’s malls.

J.C. Penney stated that it had filed for Chapter 11 bankruptcy protection from its lenders in federal bankruptcy court for the Southern District of Texas, mentioning that it possessed $500 million in cash on hand and had obtained commitments for $900 million… Continue Reading...

Tagged: Insolvency and Bankruptcy Code  
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