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”There is an Amazon team in Plano as we speak,” said one source according to WWD referring to the Texas city where J.C. Penney headquarters. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business" the article detailed.
The department store retailer officially filed for Chapter 11 late Friday evening confirming ongoing speculation. Additionally, more details were disclosed on store closings which are expected to number 604 according to a filing with the Securities and Exchange Commission.
J.C. Penney declined to comment as did Amazon after inquiries by FOX Business.
J.C. Penney shares were halted in the extended session before the New York Stock Exchange announced shares would be suspended, a common practice when a company enters chapter 11.