J.C. Penney reportedly is close to securing $450 million in funding that it will use to navigate a possible bankruptcy filing, marking what would be the third major U.S. retailer to fall victim to the coronavirus pandemic and ongoing economic shutdown.
Citing people familiar with the matter, the retailer is planning to file for bankruptcy as soon as this Friday, CNBC reported, though that timing could still be delayed. The company is considering closing 180 to 200 stores while in bankruptcy. . . . more