JC Penney Plans to Close More than 240 Stores

NEW YORK (AP) -- J.C. Penney will permanently close almost 30% of its 846 stores as part of a restructuring under bankruptcy protection.

The Plano, Texas-based department store operator said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.

That would leave the company with just over 600 locations.

J.C. Penney filed for bankruptcy reorganization on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to temporarily close all stores.