J. C. Penney Company, Inc. entered Chapter 11 bankruptcy also in May. The company said in a statement that the restructuring support agreement (RSA) with lenders holding approximately 70 percent of JCPenney's first lien debt was expected to reduce several billion dollars of indebtedness and provide increased financial flexibility to help navigate through the coronavirus pandemic. In September the department store chain spoke with creditors to ease its debt load. The hope is that its turnaround efforts will help. Total revenues in the third quarter were 2.5 billion dollars, which declined 8.5 percent from the prior year quarter's figure.