J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its ...
J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter.
J.C. Penney has not made any final decisions on how to address its strained finances, the sources said. The retailer is also considering asking creditors for breathing room through transactions that would rework debt outside of bankruptcy court proceedings, the sources added. There is also a possibility that J.C. Penney will be able to secure rescue financing, one of the sources said.J.C.
The novel coronavirus outbreak threw a wrench in its plans. The 118-year old company, which has had to furlough some of its roughly 85,000 employees and slash spending, is now considering skipping looming debt payments and filing for bankruptcy to address its debt, the sources said. Its online business is still running, though it does not contribute to the lion's share of the company's sales.
J.C. Penney in March drew down US$1.25 billion from its revolving credit line. On March 31, it said it was also"evaluating other financial options," without providing further details.
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