J.C. Penney shares fall after Reuters reports retailer exploring bankruptcy

Shares of J.C. Penney dropped as much as 37% after Reuters exclusively reported that the U.S. retailer is exploring filing for bankruptcy protection amid the coronavirus pandemic, which has forced it to temporarily shut its 850 department stores, upending its turnaround plans. J.C. Penney had recently made some strides in its turnaround attempt, meeting or exceeding guidance on financial objectives for 2019 and improving sales at some stores. But the novel coronavirus outbreak, which has hammered traditional brick-and-mortar department store operators and other retailers that had to close their doors to customers to curb its spread, threw a wrench in its plans.