Chalk it up to the Wuhan Flu as being the last straw. From The Hill:
J.C. Penney files for bankruptcy amid pandemic
J.C. Penney announced Friday it has filed for bankruptcy, marking the largest retail industry casualty thus far during the coronavirus pandemic.
The 118-year-old department store had already racked up a substantial amount of debt in recent years, a situation that was exacerbated by the sharp economic fallout of COVID-19.
“The Coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country. As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to protect the safety of our associates and customers and the future of our company,” said CEO Jill Soltau.
One of the big ones. Failed to adapt to the changing landscape.
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