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J.C. Penney Files for Bankruptcy and Will Put Itself Up for Sale

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J.C. Penney filed for bankruptcy Friday evening after weeks of rumored speculation and crushing store closures. The department store company is now under bankruptcy court supervision after entering into a restructuring support agreement with some of its lenders and securing debtor-in-possession financing that requires the retailer to see if it can attract a buyer. JCP,…

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