JCPenney Files for Bankruptcy
The past few years haven't been kind to the retail market. The number of national store chains that have fallen in the last 5 years is phenomenal. Stores that rely on the foot traffic supplied by shopping malls have been hit especially hard. Shops like Sears, Forever 21, Toys R Us, and countless others have closed up shop. Some have retained their name and some semblance of an online presence, but their brick and mortar run has seemingly come to an end.
Retail giant JCPenney has been fighting this battle for a while, and even though the shopping staple has done a good job of staying afloat - it looks like the retail apocalypse my have gotten the best of them. CNN Business is reporting that the company filed for bankruptcy on Friday in a bid to keep the operation from going belly up entirely.
This has been an especially rough month for big retail chains. JCPenney is the 4th national retailer to file for bankruptcy this month. In case you missed it: J.Crew filed for bankruptcy, so did Neiman Marcus on May 7. Three days later, Stage Stores filed as well. According to the report, Stage is looking at closing roughly 200 stores nationwide with the rest converting to the "Gordman's," name.
JCPenney's last profitable year was a decade ago (2010). Since then, the company has lost roughly $ 4.5 Billion.