You're Not Going to Believe the Latest Plan to Save J.C. Penney
J.C. Penney (OTC: JCPN.Q) may be the poster child for the collapse of the department store.
For nearly a decade, the business has been spiraling through a series of sputtering turnaround attempts and new CEOs, none of whom could do much more than hold the line in the company's long decline. The retailer never recovered from former CEO Ron Johnson's disastrous rebrand attempt in 2012, and when the coronavirus pandemic hit, bankruptcy seemed inevitable for J.C. Penney. Indeed, the company filed for Chapter 11 on May 15, and it now plans to close 242 out of its approximately 850 stores.
However, the brand may get a second lease on life.
Source Fool.com
