Source: Xinhua| 2020-05-16 10:56:41|Editor: huaxia
HOUSTON, May 15 (Xinhua) — U.S. 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 U.S. apparel and home retailers, owning approximately 850 stores across the country.