JCPenney Files for Chapter 11 as Part of Plan to Reduce Debt

The 118-year-old retail chain said it will explore other opportunities, including a third-party sale

Department store chain JCPenney filed for bankruptcy after the company made a $17 million payment on its debt on Friday. JCPenney has an estimated $3.7 billion in debt. Photo by Justin Sullivan/Getty

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.

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@RichCollings Richard Collings is a retail reporter at Adweek.