New York (CNN Business) JCPenney had missed two recent debt payments and is believed to be on the verge of a bankruptcy filing. It had been granted a one-week grace period on the payment, but that ended Thursday -- raising expectations that it could file for bankruptcy court protections from its creditors later that day. But the Friday payment also didn't buy JCPenney a lot of time. JCPenney is 118 years old, and has $3.6 billion in debt on its books. The chain is struggling to overcome a decade of bad decisions executive instability and damaging market trends even before the Covid-19 pandemic shut its 846 stores two months ago.

Source: CNN May 15, 2020 15:55 UTC