Since filing for bankruptcy, J.C. Penney executives have painted a picture of a hobbled retailer that was on the mend before the COVID-19 crisis hit.
"Before the pandemic, the Company had a substantial liquidity cushion, was improving its operations, and was proactively engaging with creditors to deleverage its capital structure and extend its debt maturities to build a healthier balance sheet," CFO Bill Wafford said in court papers. "Unfortunately, that progress was wiped out with the onset of COVID-19.". . . more