J.C. Penney has announced they will begin closing some of their stores in hopes of avoiding bankruptcy. The company had been racking up an extreme amount of debt over the past few years before being hit with the effects of the coronavirus pandemic. They currently have 845 open stores and have not disclosed how many of them will be closing. In the last nine years the company has lost around $4.45 billion and has racked up $4.2 billion in debt. CEO Jill Soltau has stated that they will also be implementing a court supervised financial restructuring plan.