J. C. Penney Close to Bankruptcy Filing

J. C. Penney, which operates seven stores and a distribution center in the Kansas City area, could file bankruptcy this week and close about a quarter of its 850 stores.

A report by Reuters said that company, which has closed its stores since the COVID-19 pandemic outbreak like many other retailers, has a $4-billion total debt obligation. Penney had been struggling with lagging sales results for years due to competition from the likes of Amazon and mass-merchandise retailers like Walmart and Target.

If it were to file for bankruptcy, it would follow in the recent footsteps of luxury chain Neiman Marcus and apparel chain J. Crew.