With its 850 U.S. stores temporarily closed amid the coronavirus pandemic, J.C. Penney is contemplating filing for bankruptcy protection, several people with knowledge of the matter told Reuters on Tuesday.
The company has had to furlough some of its 85,000 employees, and there are concerns that even when stores reopen, shoppers might not return, Reuters reports. While J.C. Penney has enough cash available to make it through the next few months, regulatory filings show it has a debt payment of about $12 million due on Wednesday and a $105 million bond repayment coming up in June.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
A Man on the Inside: Netflix comedy leaves you with a 'warm fuzzy feeling'The Week Recommends Charming series has a 'tenderness' that will 'sneak up' on you
-
Bread & Roses: an 'extraordinarily courageous' documentaryThe Week Recommends Sahra Mani's 'powerful' film examines the lives of three Afghan women under the Taliban
-
V13: a 'marvelous and terrifying' account of the Bataclan terror trialsThe Week Recommends Emmanuel Carrère's work is 'absolutely gripping'
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
