J.C. Penney Co Inc. filed for bankruptcy protection during the coronavirus pandemic. According to Reuters, they plan to permanently close some stores and are exploring a possible sale. The store said it reached an agreement with existing lenders for $900 million of debtor-in-possession financing. The retailer said it has an additional $500 million in cash on hand before the bankruptcy filing. The 118-year-old department store chain once operated more than 1,600 locations.