U.S. retailer J.C. Penney files for bankruptcy due to pandemic

May 18, 2020

Houston (USA), May 16: 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
Source: Xinhua News Agency