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JCP - The Pressure To Change Grows: Dramatic Moves All Around
J.C. Penney Company Inc.
J. C. Penney Co. Inc. (JCP) filed for bankruptcy on Friday, joining a growing number of retail firms that have taken this path toward restructuring.
The company joins Neiman Marcus Group Inc., J. Crew Group Inc. and Stage Stores Inc. who also have filed for bankruptcy this month.
The presence of the coronavirus served as a reason for the move, although J. C. Penney had been on the ropes for some time and analysts expected this move to come sooner rather than later.
Headlining the announcement was the indication that the company would