J. C. Penney filed for bankruptcy last week and has announced it will close 29 percent of its stores, or 242 stores, with 192 of those closings taking place next month and the other 50 scheduled for 2022.
Following that, 600 J. C. Penney stores will remain open.
J. C. Penney reportedly is in talks with Amazon, which is trying to expand into the clothing market. Though the capital that could could from a deal like that could be beneficial to J. C. Penney, it is unlikely to spell good news for keeping the company's brick-and-mortar stores open.
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