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