Is JC Penney going out of business?

Bankrupt J.C. Penney plans to permanently shutter 154 stores across the U.S., with going-out-of-business sales set to begin at those locations on June 12. The 118-year-old retailer plans to close a total of 242 locations by the fall. J.C. Penney declared bankruptcy in May.

Why did JC Penney go bankrupt?

J.C. Penney declared bankruptcy in May. It was one of many brick-and-mortar stores forced to temporarily close locations in April and May as the coronavirus pandemic raced across the U.S. Although the shutdowns pushed the retailer closer to insolvency, the company had been struggling for years with changing consumer tastes and a shift to ecommerce.

Who owns JC Penney?

Under J.C. Penney's new structure, the company is split into two entities. Simon and Brookfield own the retail and operations assets, while J.C. Penney's creditors control the company's distribution centers and other real estate holdings. J.C. Penney had 85,000 workers and more than 800 stores when it filed for bankruptcy in May.