Coronavirus Casualty: J. C. Penney Files for Bankruptcy & Closes 242 Stores

J. C. Penney department store has become the latest retail casualty of the coronavirus crisis. The iconic American department store chain has filed for bankruptcy and will close 242 stores as it restructures its $5.7 billion dollar debt load.  The 118-year-old department store chain suffered a decade of falling sales which has been exacerbated by the coronavirus pandemic.