J.C. Penney Co., battered by missteps and the rise of e-commerce, is on the verge of being done in by the coronavirus.

With nonessential shopping largely shut down across the U.S., the department-store chain is in advanced talks with bank lenders for a bankruptcy loan as large as $1 billion to carry it through a potential chapter 11 process, The Wall Street Journal reported Thursday.

The…

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