As section of its reorganization, the 118-yr-outdated corporation claimed late Friday it will be shuttering some merchants. It claimed the merchants will close in phases in the course of the Chapter 11 process and facts of the 1st stage will be disclosed in the coming weeks.
Penney is the biggest retailer to file for bankruptcy reorganization due to the fact the pandemic and joins luxurious office retailer chain Neiman Marcus, J.Crew and Stage Stores. Loads of other vendors are envisioned to follow.
“The coronavirus pandemic has designed unparalleled difficulties for our households, our loved ones, our communities, and our country,” claimed Penney’s CEO Jill Soltau in a assertion. “As a consequence, the American retail market has skilled a profoundly