Retailers expected to file Chapter 11 in the coming weeks as loan bids drop between 46%-66% this year

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The retail sector, hit hard by the coronavirus economic shutdown, has seen a flurry Chapter 11-related activity in the last several weeks. Last week, 24 Hour Fitness hired a restructuring advisor, while JC Penny, forced to close 850 of its department stores, has been exploring Chapter 11 protection since at least April 15, following a failed attempt earlier in the year to push out the maturity date on some of its debt.