J.C. Penny is one of the three major department stores that are struggling. The CEO left in hopes of a more secure position, and it seems like that was a great decision for him. The large retailer filed for bankruptcy soon after. As an attempt to stay afloat, the bankruptcy is a restructure plan that will close 240 stores by 2022. This is 30% of their total locations, so it's a pretty big hit. They're hoping not to go under, but we'll see.
In 2020, the store filed for Chapter 11 bankruptcy protection. However, the company was able to emerge from bankruptcy later that year after it reached a deal with its creditors and landlords to reduce its debt load. It has been working to turn its business around by focusing on its e-commerce offerings and rebranding itself as a more modern and relevant retailer.