J.C. Penney is closing 240 stores as part of its bankruptcy plan – CBS News

The 118-year-old retail chain has not said which stores will close. The company filed for bankruptcy last week.

The company’s bankruptcy comes days after J.C. Penney gave its top executives millions of dollars in bonus pay. Soltau received $4.5 million, while chief financial officer Bill Wafford, chief merchant officer Michelle Wlazlo and chief human resources officer Brynn Evanson each got $1 million.

Source: J.C. Penney is closing 240 stores as part of its bankruptcy plan – CBS News