J.C. Penney Bankruptcy Could Affect San Diego Stores: Report

SAN DIEGO COUNTY, CA — The iconic retailer J.C. Penney Co. is preparing to file for bankruptcy, perhaps as soon as next week, as the coronavirus continues to take a toll on bricks-and-mortar retailers, Reuters reported. The report said the department store chain will close permanently about 200 of its 850 stores, but it's unclear if any of the stores in San Diego County will be included.

These are the stores in San Diego County:

• 2555 El Camino Real, Carlsbad
• 591 Broadway, Chula Vista
• 355 Fletcher Parkway, El Cajon
• 290 E Via Rancho Parkway, Escondido
• 3040 Plaza Bonita Road, National City
• 6987 Friars Road, San Diego

The 118-year-old chain based in Plano, Texas, was struggling before the business shutdowns associated with the pandemic. The company has about $4 billion in debt and has been edged out of the marketplace by e-commerce companies and discount bricks-and-mortar stores, Reuters said.

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As J.C. Penney navigates bankruptcy proceedings, the company is working with creditors for a "debtor-in-possession loan," the Reuters report said.

J.C. Penney would be the third major retailer to seek bankruptcy protection since the pandemic began. The J.Crew Group filed for bankruptcy earlier this month, and Neiman Marcus said last week it was turning its business over to creditors who provided the company with $675 million in financing to continue operations.

» Read the full J.C. Penney report on Reuters.

Also see:

• California Coronavirus: Latest Updates On Cases, Orders, Closures
• Coronavirus In San Diego County: Latest News
• More Businesses Allowed To Reopen In San Diego County
• Coronavirus Cases Surpass 5,000 In San Diego County
• Beaches Reopen In Carlsbad, Del Mar And Solana Beach
• Golf Courses, Parks Can Reopen In San Diego County
• Some San Diego County Beaches Reopen After Coronavirus Closures
• San Diego County Makes Face Coverings Mandatory Amid Coronavirus