Why did JC Penney go bankrupt?

J.C. Penney declared bankruptcy in May. It was one of many brick-and-mortar stores forced to temporarily close locations in April and May as the coronavirus pandemic raced across the U.S. Although the shutdowns pushed the retailer closer to insolvency, the company had been struggling for years with changing consumer tastes and a shift to ecommerce.

Is JC Penney going out of business?

Bankrupt J.C. Penney plans to permanently shutter 154 stores across the U.S., with going-out-of-business sales set to begin at those locations on June 12. The 118-year-old retailer plans to close a total of 242 locations by the fall. J.C. Penney declared bankruptcy in May.

Where can I find information about JCPenney's financial restructuring?

Additional information regarding JCPenney’s financial restructuring is available at www.jcprestructuring.com. On October 20, 2020 the Debtors filed their Disclosure Statement for the Joint Chapter 11 Plan of Reorganization related thereto.