Bloomberg Businessweek

Retailers Caught an Overcapacity Virus, Too

For a half-century, J.C. Penney Co.’s store count grew along with American malls, eventually earning the company the crown as the most ubiquitous retailer anchoring those centers. It now operates about a fifth of all the anchor stores in U.S. malls. But when the department-store chain filed for bankruptcy on May 15, it said it would close more than a quarter of its 846 stores.

That retrenchment reflects a dire financial position: J.C. Penney’s $8 billion debt

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