The company said in a statement that it had entered into a restructuring support agreement with lenders that hold around 70 percent of its first lien debt "to reduce the company's outstanding indebtedness and strengthen its financial position."
A number of stores will also be closed, it added.
J. C. Penney Company is one of the largest U.S. apparel and home retailers, owning approximately 850 stores across the country.
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