J.C.
Penney Co Inc.
Filed for bankruptcy protection during the coronavirus pandemic.
According to Reuters, they plan to permanently close some stores and are exploring a possible sale.
The store said it reached an agreement with existing lenders for $900 million of debtor-in-possession financing.
The retailer said it has an additional $500 million in cash on hand before the bankruptcy filing.
The 118-year-old department store chain once operated more than 1,600 locations.
