JCP Closing Stores, Brooks Brothers Close to Bankruptcy

The retail industry has certainly had some tough times during the COVID-19 pandemic, as well as before the virus started in the United States.

Now, J. C. Penney, which operates seven stores and a distribution center in the Kansas City area, is closing 154 stores around the country. And Brooks Brothers is apparently ready for bankruptcy.

For its part, the only store that Penney has announced for closure in the area is in Independence. 

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.

The Plano, Texas-based company filed for bankruptcy last month.