J.C. PENNEY BANKRUPTCY. Another fall in USA.
Also as a result of the crisis caused by the COVID-19 throughout the commercial structure of the United States, which precipitated the closure of many commercial establishments engaged in the sale of clothing, footwear and other items, the well-known company was forced to file for bankruptcy in Texas courts.
J.C. PENNEY was founded 118 years ago and has 1,070 stores in all 50 states and Puerto Rico. Its estimated debt is US $ 4 billion, which was negotiated until the last moment with creditors and shareholders. In the meantime, the price of the shares was very erratic, ending up falling almost 30%, at the time of the market closing and the news of its bankruptcy being confirmed.
Filing for bankruptcy gives the company the opportunity to save money on impending debt payments and to restructure its finances.
Among the adversities that the company had to face, in addition to the current health crisis, where it had to close 850 stores, was the decrease in sales, changes in leadership and increased digital competition.
Without specifying figures, from the direction of the company reported that necessarily should suspend a large number of employees.
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