J.C. Penney files for bankruptcy

PLANO, Texas — J.C. Penney will close nearly 30 percent of its stores within two years, the retailer said in filing for bankruptcy last week. Of its 846 stores, 192 will be shuttered by next February with another 50 following in 2022. Former Home Depot executive Marvin Ellison was J.C. Penney’s CEO and president from 2012 until his 2016 departure to head up Lowe’s Cos.