Fox Business Briefs: Coronavirus pushes another retailer over the edge as J.C. Penney files for bankruptcy; Kroger is giving $130 million to its employees to say thank you for working during the pandemic.
Amazon and bankrupt J.C. Penney are reportedly in talks over some type of deal, according to Women’s Wear Daily.
Continue Reading Below
J.C. Penney shares were halted in the extended session on Monday with “news pending.”
”There is an Amazon team in Plano [location of J.C. Penney headquarters] as we speak,” said one source according to WWD. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business” the article detailed.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JCP | J.C. PENNEY | 0.18 | -0.05 | -23.02% |
| AMZN | AMAZON.COM INC. | 2,426.26 | +16.48 | +0.68% |
The department store retailer officially filed for Chapter 11 late Friday evening confirming ongoing speculation. Additionally, more details were disclosed on store closings which are expected to number 604 according to a filing with the Securities and Exchange Commission.
J.C. PENNEY FILES FOR BANKRUPTCY AS CORONAVIRUS PUSHES RETAILER OVER EDGE
Email inquiries by FOX Business to J.C. Penney and Amazon were not returned at the time of publication.
*This is a developing story.
