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You are here News Economy J.C. Penney store closings coming: Retailer trying to avoid liquidation in Chapter 11 bankruptcy

J.C. Penney store closings coming: Retailer trying to avoid liquidation in Chapter 11 bankruptcy

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JC Penny closing stores

J.C. Penney proposed a restructuring plan that would shed billions of dollars in debt and allow the company to emerge from bankruptcy as a financially sustainable company.

But U.S. Bankruptcy Judge David Jones told J.C. Penney attorneys in a rare Saturday hearing that he has "concerns" that the company is not moving "fast enough."

"I do think there is a genuine hope that the turnaround efforts will proceed, but it is kind of hard when people are prohibited from coming into your store and you can’t turn the lights on," Jones said.

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