J.C. Penney, with more than 100 years in business, now files for bankruptcy

 The department store chain J.C. Penney declared bankruptcy on Friday, after a slow and arduous decline in sales of that iconic group of shopping centers in the United States.

JC Penney with 118 years of operation, the iconic North American department chain has been hit by debt and the rise of electronic commerce amid the pandemic of the new coronavirus.

It recently emerged that in the face of the global crisis over COVID-19, US department store chain JC Penney was preparing to file for bankruptcy protection as early as this week and with plans to permanently close about a quarter of its nearly 850 stores.

In doing so, the company joins the list of large American retailers that have succumbed to the consequences of the pandemic outbreak.

A bankruptcy filing ends a long decline of the well-known 118-year-old department store chain, which was struggling with the debt burden of nearly $ 4 billion and competition from e-commerce companies and discount retailers, including before the start of the pandemic