If your store is in one of their malls, I'm guessing you're safe. If it's not...I'd start looking just in case.
JCPenney has inked an asset purchase agreement (APA) with Brookfield Asset Management, Simon Property Group and a majority of its lenders in a move that paves the way for the completion of its financial restructuring.
https://www.just-style.com/news/jcpenney-to-emerge-from-chapter-11-under-new-owners_id139947.aspx