JCPenney says it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain.

Just days after filing for bankruptcy, JCPenney is now planning to close nearly 200 stores this year. The 118-year-old company has struggled to gain profits for years, but the company said the coronavirus pandemic caused sales to plummet. The retailer has 85,000 employees but hasn't said how many people will lose their jobs because of the closings. The company says next year an additional 50 stores will have to be closed. JCPenney is the fourth national retailer to file for bankruptcy just this month.