JCPenney may file for bankruptcy, though officials say that no final decision has been made.
The company temporarily closed all stores due to the coronavirus pandemic in March.
According to Business Insider, they began to reopen select stores in certain states at the beginning of May.
Nearly a quarter of the chain's approximately 850 stores may be closing permanently.
JCPenney has struggled publicly for some time and has closed dozens of stores in recent years.
The retail giant has nearly $4 billion in debt.