New York (CNN Business) The problems at JCPenney started long before the Covid-19 pandemic. Since the summer of 2011, JCPenney has reported net profits in only five quarters, all of them in the holiday shopping season. Even before the current round of store closings, JCPenney had shuttered more than 20% of its stores while cutting more than 40% of its staff since 2011. "They're not shopping for clothing and accessories that JCPenney depends upon. And if they are, they're not likely to be shopping at JCPenney or at the malls where they're located.

Source: CNN September 13, 2020 18:56 UTC