J.C. Penney files for Chapter 11 bankruptcy protection

J.C. Penney Co. Inc. (NYSE: JCP) filed for Chapter 11 bankruptcy protection on May 15.

The company’s initial petition, filed with the U.S. Bankruptcy Court for the Southern District of Texas in Corpus Christi, listed nearly $8.57 billion in total assets and more than $8.03 billion in total debts, citing financial data from March 31.

The Plano, Texas-based retailer, which was founded about 118 years ago, has entered into a restructuring support agreement with lenders holding about 70 percent of…