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J.C. Penney Could File For Bankruptcy In Coming Weeks : WSJ

J.C. Penney Co. Inc. (JCP) could file for a bankruptcy in the coming weeks, as the company was hard-hit by the coronavirus-related shutdown, the Wall Street Journal reported citing people familiar with the matter.

The troubled retailer is in talks with its lenders for a debtor-in-possession loan that would keep the company's operations running during the bankruptcy process.

J.C. Penney is seeking a loan package of up to $1 billion from the lenders, including Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co.

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