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Following J. Crew and Neiman Marcus, J.C. Penney has begun to file for bankruptcy protection. CNN reports the 118-year old company approved bonuses of $1 million or more to its top four executives before filing.

“At J.C. Penney, we are making tough, prudent decisions to protect the future of our company and navigate an uncertain environment, including taking necessary steps to retain our talented management team,” the company said in a statement.

The retail giant was reeling before the coronavirus, but the pandemic is considered to be the last shot to the company which as stated to already be impacted by a decade of bad decisions, executive instability, and market trends.

“Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy — and our efforts had already begun to pay off,” said CEO Jill Soltau. “Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that J.C. Penney will build on its over 100-year history to serve our customers for decades to come.”

JCP has entered an agreement to stay in business as a more financially healthy company but will lose some of its 846 stores. The number of stores to close has not been revealed. JCPenney has borrowed $450 million from lenders to pay for operations during the restructuring.