J.C. Penney to reportedly file for bankruptcy

Coronavirus

A shopper walks into a JCPenny department store at Garden State Plaza, Wednesday, Oct. 25, 2017, in Paramus, N.J. (AP Photo/Julio Cortez)

TAMPA (WFLA/WGN) – J.C. Penney is reportedly getting ready to file for bankruptcy protection as soon as next week, according to CNBC, citing people familiar with the matter.

The retailer is the latest casualty of the pandemic. According to Business Insider, a nearly $4 billion dollar debt load, and competition online even before the pandemic, the retailer has struggled to stay afloat.

The company plans to permanently close about a quarter of its roughly 850 stores. J.C. Penney would follow similar bankruptcies to retailers J. Crew and Neiman Marcus announced earlier this week.

J.C. Penney has been in business for nearly 120 years.

 There was no official comment from the company Friday.

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