US's JC Penney chain files for bankruptcy

The coronavirus pandemic has pushed troubled US department store chain JC Penney into Chapter 11 bankruptcy, the fourth major retailer to meet that fate.

As part of its reorganisation, the 118-year-old company said on Friday it will be closing some of its stores and will disclose details and timing in the coming weeks.

It operates 850 stores and it has nearly 90,000 workers.

It said that it received $US900 million ($A1.4 billion) in financing to help it operate during the restructuring.

Penney joins luxury department store chain Neiman Marcus, J.Crew and Stage Stores in filing for bankruptcy reorganisation.

More retailers are expected to follow.

Austrlaian Associated PressBack to Breaking News

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