Friday, May 8, 2020

J.C. Penney misses another big interest payment but makes up with beauty partner Sephora

Dallas Morning News
J.C. Penney said it will not make a $17 million interest payment that’s due Thursday on its senior secured term loan. Under its loan agreement, Penney has a grace period of five business days to make the payment before the company is in default.

Penney put another skirmish to bed late Thursday. The retailer was scheduled to meet Sephora in U.S. District Court in Sherman on Friday. Instead, the two companies said they “reaffirmed” their 14-year partnership to operate Sephora shops inside more than 650 Penney stores. . . . more