JCPenney files for bankruptcy
New York - US department store JCPenney, which has not turned a profit since 2011, on Friday became the latest American retailer to be pushed into bankruptcy by the coronavirus pandemic.
It has $500 million in cash and has received financing commitments of $900 million from lenders, it added."The Coronavirus pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," chief executive officer Jill Soltau in a statement. Founded in 1902 in Wyoming by James Cash Penney, the chain survived the Great Depression and established itself in the second half of the 20th century as an anchor of giant suburban shopping malls, then symbols of American consumerism.
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