JC Penny Plans To Close More Than 240 Stores

MIAMI (CBSMiami) - After filing for bankruptcy protection last Friday, J.C. Penny has announced that it will close nearly 30 percent of its stores as part of a restructuring of the company.

The Plano, Texas, retailer said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that. No locations were given.

That would leave the company with just over 600 stores.

J.C. Penney is the biggest retailer to file for bankruptcy protection since the coronavirus pandemic forced them to shut down all stores temporarily.

The pandemic has begun to fell some of the weakest companies as retail sales plunge. J.Crew and Neiman Marcus sought bankruptcy protection days before J.C. Penney. All three were already laden with debt and having trouble connecting with consumers.

(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)