The Chairman of the Federal Reserve remarked on the negative economic impacts of bankruptcies and continued unemployment. NEW YORK - Retailer JCPenney filed for Chapter 11 bankruptcy protection after the coronavirus pandemic forced stores to shut, the company announced Friday evening, joining J.
Crew and Neiman Marcus. The stock has lost over 83 percent of its value in the last 12 months as business deteriorated even before the pandemic hit.
Penney’s had been making efforts to revive the business but the coronavirus “created unprecedented challenges,” CEO Jill Soltau said in a statement. RELATED: Neiman Marcus files for Chapter 11 bankruptcy protection The Plano, Texas-based chain’s parent, J.