(CNN Newsource) — JC Penney’s sales plunged and losses soared ahead of its bankruptcy filing as stores remained closed during the COVID-19 pandemic.
The department store chain filed for bankruptcy on May 15. Preliminary financial results for its fiscal first quarter that ended May 2 showed sales fell by $1.4 billion, or 56%.
All of JC Penney’s stores closed on March 18 and didn’t start reopening until early May following the close of the quarter.
Operating losses more than tripled to $339 million from $93 million a year earlier. The retailer was regularly losing money before the COVID-19 pandemic.
Its most-recent profitable year was 2010 and the company’s net losses have totaled $4.5 billion since then.
JC Penney has reported plans to close 154 stores permanently this summer and another 100 stores by the end of next year.