J.C. Penney bankruptcy plan includes closing 242 stores

By Jordyn Holman, Bloomberg
J.C. Penney Co., the department-store chain that filed for Chapter 11 bankruptcy on Friday, said it will close about 29% of its stores.
The retailer will reduce its store count to about 604, down from the 846 it currently has across the U.S., according to a company filing on Monday. In fiscal 2019, those locations brought in $9.2 billion in net sales. With the smaller store fleet, it expects net sales of $7.5 billion. It will also close two of its distribution centers