Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

JC Penney files for bankruptcy protection

US retailer JC Penney has filed for Chapter 11 bankruptcy protection due to the challenges of the Covid-19 pandemic.

It follows US department store Neiman Marcus and US casualwear retailer J Crew which both filed for Chapter 11 bankruptcy protection earlier this month.

The retailer will be shutting some stores as part of its reorganisation. The stores will close in phases throughout the Chapter 11 process, with details disclosed in the coming weeks.

Jill Soltau, chief executive of JC Penney said: “The coronavirus (Covid-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country.

“As a result, the American retail industry has experienced a profoundly different new reality, requiring JC Penney to make difficult decisions in running our business to protect the safety of our associates and customers and the future of our company.

“Until this pandemic struck, we had made significant progress rebuilding our company under our plan for renewal strategy – and our efforts had already begun to pay off. While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt.”

 

Drapers’ coronavirus update:

We’re working to keep delivering to your doorstep. If your magazine is delivered to your office and you’d like to change this, please email help@subscribe.drapersonline.com or call 01604 828 705.

As a subscriber you can also read the digital editions of the magazine, which can be found under the ‘My Account’ tab on the main navigation bar.

Finally, make sure you’ve signed up to our newsletters by visiting ‘My Account’ and ‘Newsletters’.

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.