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JCP - J.C. Penney: Bankruptcy Could Wipe Out Long-Term Creditors
J.C. Penney Company Inc.
Source: Barron's
The coronavirus has led to a practical shutdown of the U.S. economy. Impulse buys could dry up for now. Traditional retailers have had a tough go of it, as many of their stores have been shut down amid the pandemic. J.C. Penney (JCP) is expected to file bankruptcy within weeks:
J.C. Penney Co Inc (JCP.N) is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major U.S. retailer to succumb to fallout from the coronavirus