J.C. Penney filed for bankruptcy Friday, becoming the largest and fourth major retailer to do so during the coronavirus pandemic.
Neiman Marcus, J. Crew, and Stage Stores had previously filed, and many others are expected to follow suit as U.S. retail sales plummeted by a record 16.4 percent from March to April. Penney, which has been around for 118 years, said it will close some stores throughout the process.
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