The clock is ticking for J.C. Penney Co., which is racing to settle with creditors quickly enough to convince them it can once again make money selling clothing, cosmetics and cookware to another generation of Americans.

After filing for chapter 11 protection Friday, Penney appeared on Saturday in the U.S. Bankruptcy Court in Corpus Christi, Texas, where the department-store chain hopes to slash its debt, spin off a real-estate division and position itself to welcome back shoppers as many states loosen their stay-at-home restrictions.

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