Robert Barnes/Getty Images JCPenney has filed for bankruptcy. The department store has been in the midst of a turnaround plan in order to reduce its roughly $4 billion in debt. It was forced to temporarily close all of its 850 stores amid the coronavirus pandemic but began to reopen certain locations at the beginning of May. On April 15, CNN Business reported that the company had missed a debt payment and invoked a 30-day grace period. It also skipped a second payment on May 7.