J.C. Penney Files for Bankruptcy, Closing Some Stores

The bankruptcy represents the fall of an American institution that traces its roots to Kemmerer, Wyo., where its founder, James Cash Penney Jr., invested in a dry-goods store called the Golden Rule. He soon renamed it J.C. Penney, but was devoted to the notion of the Golden Rule, particularly in how the company treated its workers, and shared its profits with staff from its early days.

Article source: https://www.nytimes.com/2020/05/15/business/jc-penney-bankruptcy-coronavirus.html