J.C. Penney Files Bankruptcy After Years of Decline and Debt (1)

J.C. Penney Co. filed for bankruptcy, punctuating decades of decline and failed turnaround plans for the once ubiquitous mainstay of America’s shopping malls.

The Chapter 11 filing allows the giant department store chain to stay in business and work out a way to pay its bills. Some of the chain’s stores will be closed permanently, with locations to be disclosed in the coming weeks, and the company could be put up for sale, J.C. Penney said in a statement.

While the sudden shock from the coronavirus outbreak ultimately undid J.C. Penney, the chain has struggled for years to keep ...