In point of fact, the century-old departmental store chain had filed for a Chapter 11 bankruptcy in May following a forced business closure measure which in effect had forced the Texas-headquartered store chain to shutter down nearly all of its 850 stores, nonetheless, JC Penney Chief Executive Jill Soltau was quoted saying that the JC Penney brand would continue to serve its customers despite the sell-off, while its properties and distribution centres would operate under the aforementioned landlords.