J.C. Penney Files For Chapter 11 Bankruptcy

(CNN) — JCPenney filed for bankruptcy on Friday, the latest retail giant to see its downfall hastened by the coronavirus crisis.
The pandemic was the final blow to a 118-year-old company struggling to overcome a decade of bad decisions, executive instability and damaging market trends.
The company said it has an agreement with most of its lenders on the turnaround plan that will allow it to stay in business as a more financially healthy company, but will include closing an as yet unannounc