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Store Closures Widened Penney’s Q1 Loss to $546 Million

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J. C. Penney lost $546 million in the first quarter as the coronavirus pandemic squeezed the distressed chain past its breaking point. For the three-month period ended May 2, net sales fell 55.6 percent to $1.08 billion from $2.44 billion, the Texas-based retailer said in a Securities and Exchange Commission filing Tuesday. Including credit and…

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