After filing for Chapter 11 Bankruptcy, JCPenney is now saying they'll be closing nearly 30 percent of stores nationwide.

That means more than 240 of its 846 locations around the country will be shutting down. 

The retailer has not yet disclosed which stores and employees will be impacted. 

Before filing, the company gave bonuses to four of its top executives, including its CEO. 

They justified the move, saying its to maintain leadership during challenging times. 

JCPenney is the fourth national retailer to file for bankruptcy this month.