J.C. Penney Bankruptcy Could Affect Troy Store: Report

The iconic retailer J.C. Penney Co. is preparing to file for bankruptcy, perhaps as soon as next week, as the new coronavirus continues to take a toll on bricks-and-mortar retailers, Reuters reported. The report said the department store chain will close permanently about 200 of its 850 stores, but it’s unclear if the Troy store will be included.

In Troy, the store is at 700 W. 14 Mile Rd.

The 118-year-old chain based in Plano, Texas, was struggling before the business shutdowns associated with the pandemic. The company has about $4 billion in debt and has been edged out of the marketplace by e-commerce companies and discount bricks-and-mortar stores, Reuters said.

As J.C. Penney navigates bankruptcy proceedings, the company is working with creditors for a “debtor-in-possession loan,” the Reuters report said.

J.C. Penney would be the third major retailer to seek bankruptcy protection since the pandemic began. The J.Crew Group filed for bankruptcy earlier this month, and Neiman Marcus said last week it was turning its business over to creditors who provided the company with $675 million in financing to continue operations.

» Read the full J.C. Penney report on Reuters.