J.Crew

Portrait for @ash
by @ash
2020-05-16T12:24:27+00:00
Business • Economy
JC Penney files for bankruptcy
JC Penney logo on Buckland Hills Mall in Manchester, Connecticut.
JC Penney logo on Buckland Hills Mall in Manchester, Connecticut. Credit: JJBers / CC BY-SA (Creative Commons Attribution ShareAlike 4.0)

JC Penney, American department store chain, has filed for bankruptcy protection and is said to close some of its stores. The company currently has over 800 stores and around 85,000 employees. JC Penney is the third big retailer, after Neiman Marcus and J.Crew, to declare bankruptcy amid the Covid-19 pandemic.

Portrait for @ash
by @ash
2020-05-15T13:06:32+00:00
Business • Economy
U.S. retail sales fall 16.4% in April
Oculus World Trade Center Mall pre-Covid-19
Oculus World Trade Center Mall pre-Covid-19 Credit: unsplash.com/Krisztina Papp

According to the U.S. Commerce Department, retail sales fell by 16.4 percent in April. Retail sales dropped 8.3 percent in March but didn't show such a significantly drastic drop due to panic buying. The economic crisis has already shown a dramatic impact on the retail sector, with big retailers like Neiman Marcus and J.Crew filing for bankruptcy protection.