Wednesday, April 15, 2020

J.C. Penney weighs bankruptcy in move to refinance debt

Chain Store Age
J.C. Penney is reported to be considering filing for bankruptcy protection as fallout from the the COVID-19 pandemic puts added pressure on the long-struggling department store retailer.

Reuters reported that Penney is considering the bankruptcy filing to "rework its unsustainable finances and save money on looming debt payments, which include significant annual interest expenses" in hopes of continuing operations. The 118-year old company is burdened with nearly $4 billion of long-term debt.. . . more