When I think of J.C. Penney, I always think of their Christmas catalogue. I'm not even sure if they still publish and send them, but I fondly remember spending a lot of time circling all of the items that I wanted for Christmas. Like many other retailers, they are struggling. And unfortunately, that means they'll be closing up stores and people will be losing their jobs.

A new report from Reuters says J.C. Penney is preparing to file for bankruptcy next week and will close about a quarter of its retail stores. CNBC says the retail giant "skipped a $12 million interest payment" last month which started a 30-day grace period and could force the bankruptcy filing by May 15.

J.C. Penney reps haven't commented so we aren't sure which stores will be impacted at this time. Rochester's store is still closed at this time due to Minnesota's state guidelines regarding the COVID-19 pandemic.