JC Penney declares bankruptcy amid coronavirus pandemic


The US department store chain JC Penney, which filed for bankruptcy on Friday, is reportedly the largest retail casualty of the pandemic-induced economic downturn so far.

The 118-year-old chain, which operates 846 stores and has 85,000 employees, is the latest US retailer to buckle under financial strain due to the coronavirus pandemic.

The chain follows J Crew, Neiman Marcus and Stage Stores, all of which have filed for bankruptcy protection in recent weeks.

The retailer said it would begin closing some stores permanently alongside its bankruptcy filing, with more details to follow in the coming weeks.

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