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US Department Store JCPenney files for bankruptcy

Here is a retailer chain that survived even the Great Depression and flourished through the 20th century, becoming a sad victim of coronavirus pandemic. The downfall, in fact, started with the coming of ecommerce a decade ago.

NEW YORK, May 17: One of the leading and oldest US Department Stores, JCPenney, incurring losses for several years, filed for bankruptcy on Friday. The immediate reason was the impact of coronavirus lockdown. It sells clothing, cosmetics and jewellery.

The company, founded by James Cash Penney in 1902, is headquartered in Texas. There are 90,000 employees and over 800 stores, some of which will continue to operate. It has around $ 1 billion debts.

The main factor for its downslide, like many others, was the coming of ecommerce a decade ago. But it had survived the economic downturn of the Great Depression in 1930s. J Crew, another speciality retailer, met the same fate last month.

Coronavirus came as the final blow. "The Coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," chief executive officer Jill Soltau said.





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