Los Angeles state Texas city Plano, state Texas covid-19 pandemic Coronavirus Los Angeles state Texas city Plano, state Texas

JCPenney files for bankruptcy

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The losses will likely continue into May. LOS ANGELES - Retailer JCPenney filed for Chapter 11 bankruptcy protection, the company announced Friday joining J.

Crew and Neiman Marcus. The Plano, Texas-based chain’s parent, JCPenney Company, said it had entered into a restructuring support agreement with the lenders that hold about 70 percent of its first lean debt.

The deal includes terms for financial restructuring designed to cut several billion in debt. The agreement is also designed to help Penney navigate through the ongoing coronavirus pandemic, the company said.

The company previously announced it would temporarily furlough the majority of its hourly and corporate employees as the company extends closures of its stores and business

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