Money J.C. Penney store closings coming: Retailer trying to avoid liquidation in Chapter 11 bankruptcy May 16, 2020May 17, 2020 USA TODAY Comments Off on J.C. Penney store closings coming: Retailer trying to avoid liquidation in Chapter 11 bankruptcy J.C. Penney plans to close some stores permanently during its Chapter 11 bankruptcy as the company tries to avoid outright liquidation.