(CNBC) J.C. Penney is planning to file for bankruptcy protection, people familiar with the matter tell CNBC.
Its advisors are currently working on a bankruptcy filing that could come early Friday morning, they said. They cautioned there is still a chance that final negotiations between the retailer and its lenders spill into the weekend and delay the filing.
J.C. Penney employed roughly 90,000 full-time and part-time employees as of February. It is working on a plan that would contemplate closing 180 to 200 stores while in bankruptcy. The retailer had 846 department stores as of February.
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