JCPenney to close about 200 stores this year

JCPenney to close about 200 stores this year
JCPenney will close about 200 stores this year. The company filed for bankruptcy on Friday. (Source: CNN)

(CNN) - As part of its reorganization, JCPenney plans to shutter about 200 stores this year, according to its Securities and Exchange Commission filing on Monday.

The 118-year-old retailer has struggled to gain profits for years, but the company said the pandemic caused sales to plummet.

JCPenney filed for Chapter 11 bankruptcy protection on Friday.

The retailer has 85,000 employees but hasn't said how many people will lose their jobs because of the closings.

The company says next year an additional 50 stores will have to be closed but has not yet named any of the stores that will close.

JCPenney is the fourth national retailer to file for bankruptcy just this month.

Copyright 2020 CNN. All rights reserved. Gray Media Group, Inc., contributed to this report.