PLANO (WBAP/KLIF NEWS)- The COVID-19 pandemic has had a particularly negative impact on retail businesses, forcing many to file for bankruptcy.
The latest to fall victim is Plano based J.C. Penney.
The 118-year-old company company announced Friday that they will be filing for chapter 11 bankruptcy and that many locations will be closed. These locations will be announced at a later date.
The company at the time of filing has approximately $500 million in cash on hand. Along with $900 million, $450 million being new money, in financing to help it operate during reconstructing.
“We look forward to emerging from both chapter 11 and this pandemic as a stronger retailer, continuing to implement our plan for renewal and building capabilities focused on satisfying customer’s wants and needs.” said CEO of J.C. Penney Jill Soltau.