USA Today reports:
J.C. Penney is considering filing for bankruptcy protection as the retailer grapples with the fallout from the coronavirus pandemic and its own long-in-the-making struggles.
The Plano, Texas-based company is exploring the possibility along with a range of other options, including out-of-court debt restructuring, according to a person familiar with the deliberations who was not authorized to speak publicly.
J.C. Penney has been ailing for years as consumers began losing interest in department stores and malls. One of its biggest rivals, Sears, filed for Chapter 11 bankruptcy protection in October 2018 and narrowly escaped liquidation.