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JC Penney Becomes Latest Department Store Operator to File for Chapter 11

Retailer Secures $900 Million of Debtor-in-Possession Financing; to Close a Portion of its Stores
J.C. Penney has begun opening its retail stores, though most of its roughly 850 locations remain closed in the United States. (iStock)
J.C. Penney has begun opening its retail stores, though most of its roughly 850 locations remain closed in the United States. (iStock)

Department store chain operator J.C. Penney filed for Chapter 11 bankruptcy protection after more than a century of doing business, making it the largest retailer by square footage to seek protection since the pandemic wreaked havoc on the industry.

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