Retail chain JCPenney filed for Chapter 11 bankruptcy in Texas on Friday evening, under which several billion dollars of debt will be removed from the balance sheet, the company said.
The bankruptcy is part of a restructuring agreement with lenders holding 70% of the company’s first-line debt, the company said.
It is just the latest in a series of retail bankruptcies in part due to the pandemic, following notable filings by apparel chain J.Crew Group and luxury retailer Neiman
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in