https://footwearnews.com/2020/business/financial-news/jcpenney-bankruptcy-news-2020-coronavirus-1202972325/
Looks like we finally have some hard evidence that a bankruptcy filing will soon take place. This article suggests that the company will seek Chapter 11 protections, which means that JCP will attempt to stay in business. However, nothing is guaranteed in bankruptcy and we'll probably still see at least half of the stores shuttered along with further employee reductions. Again, if you're tenured and expensive, you're probably out.
Bottom line: strap in. The next 6 months are going to be rough.