Bloomberg JC Penney Co, the department-store chain that filed for Chapter 11 bankruptcy last week, said it will close about 29% of its stores. The retailer will reduce its store count to about 604, down from the 846 it currently has across the US, according to a company filing. In fiscal 2019, those locations brought in $9.2 billion in net …

Bloomberg Pier 1 Imports Inc said it would seek bankruptcy court approval to wind down its retail operations after the coronavirus pandemic made it difficult for the US retailer to find a buyer. The company said in a statement on Tuesday it intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised …

Bloomberg European stocks turned lower alongside US equity futures on Tuesday as the risk-on mood that kicked-off the week faded. Oil prices rose for a fourth straight session. The Stoxx Europe 600 Index had opened in the green following news that Germany and France have backed a $546 billion, European Union-wide economic recovery fund. But after strong gains on Monday, …