J.C. Penney needs a buyer, fast

J.C. Penney needs to reach a deal with a buyer or buyers within days to file court papers and comply with a directive from U.S. Bankruptcy Judge David Jones to speed up its restructuring plan. The department store retailer, which had been losing money for years as it struggled to keep up with a crushing debt load, was forced to file for Chapter 11 protection when it temporarily closes all 846 of its stores due to the COVID-19 outbreak.