US retailer J.C. Penney files for bankruptcy due to pandemic

Xinhua
US retail giant J.C. Penney filed for bankruptcy on Friday due to the impact of COVID-19.
Xinhua
US retailer J.C. Penney files for bankruptcy due to pandemic
AFP

 A view of a temporarily closed J.C. Penney store at The Shops at Tanforan Mall on May 15, 2020, in San Bruno, California.

US retail giant J.C. Penney filed for bankruptcy on Friday due to the impact of COVID-19.

The company said in a statement that it had entered into a restructuring support agreement with lenders that hold around 70 percent of its first lien debt "to reduce the company's outstanding indebtedness and strengthen its financial position."

A number of stores will also be closed, it added.

J.C. Penney Company is one of the largest US apparel and home retailers, owning approximately 850 stores across the country. 


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