Money Makers Mentor

J.C. Penney Files for Bankruptcy

On May 15, 2020 J.C. Penney officially filed for bankruptcy under Chapter 11, with a plan for store optimization and saving remaining stores. As of April 2020, J.C. Penney has a crippling $4.2 billion in debt. After the coronavirus pandemic, the situation continues to worsen for the company. As a result, the company filed for bankruptcy and attended a hearing with the US Bankruptcy Court on June 11th. Along with continuing with their store optimization plan they have begun closing 154 stores nationwide.

Liquidation sales have begun at 134 stores, and the desire to keep the remaining stores afloat remain prominent amongst the board. These sales are only a few of the efforts in order to keep J.C. Penney running for as long as possible. It is essential that J.C. Penney rely on their onli…

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