JC Penney will close almost 30% of its 846 stores as part of a restructuring under bankruptcy protection.
The ailing department store said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.
That would leave the company with just over 600 locations.
JC Penney filed for Chapter 11 bankruptcy reorganization on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to shut down all stores.
JC Penney currently operates 850 stores and employs nearly 90,000 workers.
It said that it received $900 million in financing to help it operate during the restructuring.
Penney joins luxury department store chain Neiman Marcus and J.Crew in filing for bankruptcy reorganization.
Others are expected to follow.
Still many experts are pessimistic about Penney’s long-term survival.
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