J.C. Penney files for Chapter 11 bankruptcy protection

J.C. Penney Co. Inc. has filed for Chapter 11 bankruptcy protection, according to a news release. The Plano-based retailer, which was founded about 118 years ago, has entered into a restructuring support agreement with lenders holding about 70 percent of the company's first lien debt to reduce its indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms for pre-arranged financial restructuring plan that’s expected to reduce several billion dollars of indebtedness.  JCPenney…