J.C. Penney (NYSE:JCP) is now in advanced talks for bankruptcy funding with a group of lenders, according to The Wall Street Journal.

Sources indicate the retailer is looking for a debtor-in-possession loan of $800M to $1B (including some existing debt) that would keep the department store chain still operating at some level during a bankruptcy.

A formal JCP bankruptcy filing could arrive within the next few weeks.

JCP closed at $0.28 today.

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