JC Penney plans to close more than 240 stores

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FILE – This May 8, 2020 file photo shows an empty parking lot at a JC Penney store in Roseville, Mich. U.S. retail sales tumbled 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened stores across the country and weighed down a sinking economy. (AP Photo/Paul Sancya, File)

NEW YORK (AP) — J.C. Penney will close almost 30% of its 846 stores as part of a restructuring under bankruptcy protection.

The ailing department store said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.

That would leave the company with just over 600 locations. J.C. Penney filed for bankruptcy reorganization on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to shut down all stores.

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