JCPenney, a retail giant, has filed for bankruptcy after failing to make debt payments. The department store chain's financial struggles have been exacerbated by the pandemic, which has hurt sales. Other retailers are also ending 'hero pay' for employees, as they struggle to stay afloat. JCPenney's bankruptcy filing is a significant blow to the retail industry, highlighting the challenges faced by traditional brick-and-mortar stores in the digital age.