JC Penny is Filing for Bankruptcy
Multiple sources are reporting that the department store giant is filing Chapter 11 any day now. Before filing, the company is trying to reach resolution with their lenders to the time of 450 million dollars.
JC Penny has been in business for 118 years. More on the story here.
CNN Business is reporting that despite these proceedings, JC Penny is paying their top four executives their bonuses to the tune of one million dollars. CNN article is here.