Posted: May 19, 2020 / 05:44 AM EDT / Updated: May 19, 2020 / 07:38 AM EDT

(CBS News)-J.C. Penney will permanently close nearly 30% of its 846 stores as part of a restructuring plan under bankruptcy protection.

The Texas-based retailer said Monday it plans to close about 192 stores by February, then another 50 in 2022. That will leave the company with just over 600 stores.

J.C. Penneyfiledfor bankruptcy reorganization Friday, making it the biggest retailer to do since thecoronavirus pandemicforced stores to temporarily close. After announcing bankruptcy, the company said its physical stores and online sales operations will stay open during restructuring.

J.C. Penney will permanently close nearly 30% of its 846 stores as part of a restructuring plan under bankruptcy protection.

The Texas-based retailer said Monday it plans to close about 192 stores by February, then another 50 in 2022. That will leave the company with just over 600 stores.

J.C. Penneyfiledfor bankruptcy reorganization Friday, making it the biggest retailer to do since thecoronavirus pandemicforced stores to temporarily close. After announcing bankruptcy, the company said its physical stores and online sales operations will stay open during restructuring.

In its most recent quarter, J.C. Penneys sales fell nearly 8%, to $3.4 billion, from the year-earlier period, while income was $27 million, down from $75 million for the same period a year ago. J.C. Penney missed two debt payments in April and May, which analysts saw as a harbinger of bankruptcy.

CEO Jill Soltausaidlast week that J.C. Penneys leadership made significant progress toward rebuilding the company, but the coronavirus closures showed them they must eliminate debt in order to fully revive the company. She said bankruptcy is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come.

J.C. Penney has already begunreopeningsome locations, including in Arizona, Florida, Georgia and Texas.

The companys bankruptcy comes days after J.C. Penney gave its top executives millions of dollars in bonus pay. Soltau received $4.5 million, while chief financial officer Bill Wafford, chief merchant officer Michelle Wlazlo and chief human resources officer Brynn Evanson each got $1 million.

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J.C. Penney is closing 240 stores as part of its bankruptcy plan - WRBL