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Retailer JCPenney filed for Chapter 11 bankruptcy protection, the company announced Friday joining J. Crew and Neiman Marcus.
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The Plano, Texas-based chain’s parent, J. C. Penney Company, said it had entered into a restructuring support agreement with the lenders that hold about 70 percent of its first lean debt. The deal includes terms for financial restructuring designed to cut several billion in debt.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JCP | J.C. PENNEY | 0.24 | +0.04 | +21.24% |
The agreement is also designed to help Penney navigate through the ongoing coronavirus pandemic, the company said.
Check back for more on this developing story.
