US department store giant JC Penney has followed Neiman Marcus, Stage Stores and J. Crew in filing for Chapter 11 bankruptcy protection. Like many other retailers in the US and the wider world, JC Penney has faced very difficult trading conditions over the past few years with problems magnified by Covid-19. With 850 stores and a headcount of more than 89,000, the business is securing funding and will now restructure. This will inevitably result in a significant number of store closures and job losses.
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