Monday, May 11, 2020

J.C. Penney misses another debt payment as potential bankruptcy looms

Retail Dive
J.C. Penney has missed another payment on its debt, this one a $17 million interest payment on its senior secured loan facility due May 7, the company disclosed last week. Penney has a grace period of five days before it is in default, which the retailer said it is using "to evaluate certain strategic alternatives, none of which have been implemented at this time."

Reuters reported Friday that Penney could file for bankruptcy as soon as this week with plans to close around 200 stores.. . . more