A national chain of department stores, which has been an anchor store for the Indiana Mall since the mall opened, could file for bankruptcy soon.
Reuters is reporting that JCPenney will file sometime next week for bankruptcy protection. The filing will come with plans to close a quarter of their near 850 stores. While JCPenney is one of the country’s oldest department store chains, they have been on the decline recently, and are currently $4 billion in debt. The report says that the company is working to secure a loan of between $400 and $500 million. The report came a day after the company missed a $17 million debt payment while it also missed a $12 million debt payment on April 15th, on which they have 30 days to make good. There are also some other large payments coming soon, with a $105 million debt payment in June along with $300 million in interest expenses.
No word yet if the JCPenney at the Indiana Mall will be affected by the closures that will stem from the company’s reorganization.
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