J.C. Penney, a department store with 840 retail outlets in 49 states, filed for bankruptcy this month, 118 years after it was founded. The company hopes to reorganize, but 242 of its stores are closing for good. The company, hit hard by the coronavirus shutdown, won rent relief as it tries to stay afloat, but thousands of employees have lost their jobs, investors have lost millions, and consumers in many poor areas will lose valued retail outlets.
But the pain only went so far, and it certainly didn’t reach the executive suite. Just prior to filing for bankruptcy, J.C. Penney paid its chief executive, Jill Soltau, $4.5 million, while the chief financial officer and the head of human services each got $1 million in bonuses.Continue reading