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Penney has not made any final decisions on how to address its strained finances, the sources said. May 28, 2020 – JCPenney Reopens 150 Additional Stores Across U.S. with Emphasis on Safety Precautions and Engaging Shopping Experiences COMPANY June 4, 2020 – JCPenney Receives Court Authorization to Access Debtor-In-Possession Financing "We look forward to emerging from both Chapter 11 and this pandemic as a stronger retailer," she added.It's closing 242 stores as part of its financial restructuring.Every item on this page was hand-picked by a House Beautiful editor. Jan. 23, 2020 – JCPenney to Host Analyst Day on April 7, 2020 FINANCIAL Jan. 9, 2020 – JCPenney Reports Holiday Sales and Reaffirms Fiscal Year 2019 Guidance We may earn commission on some of the items you choose to buy. The retailer is also considering asking creditors for breathing room through transactions that would rework debt outside of bankruptcy court proceedings, the sources added. The company has been reducing inventory and refocusing on its core higher-margin business of selling mid-priced apparel to middle-class families.J.C.
“Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come," JCPenney CEO Jill Soltau said in a statement. Its online business is still running, though it does not contribute to the lion’s share of the company’s sales.Would you like to receive desktop browser notifications about breaking news and other major stories?Macy’s, the largest U.S. department store operator by sales, has tapped advisers at investment bank Lazard and law firm Kirkland & Ellis to explore options including new financing, Reuters reported this week. Penney’s revenue could plunge more than 25 percent this year, according to Fitch Ratings Inc. The two property companies have already bought one bankrupt clothing chain in 2020. On March 31, it said it was also “evaluating other financial options,” without providing further details.The sources spoke on condition of anonymity to discuss confidential deliberations. Penney needs to make a debt payment of roughly $12 million on Wednesday, followed by a $105 million bond repayment due in June. Penney attempted unsuccessfully to persuade creditors earlier this year to restructure and push out due dates on portions of its nearly $4 billion of long-term debt without the need for bankruptcy proceedings. The retailer must also contend with about $300 million in annual interest expenses, and faces more than $2 billion of debt maturing in 2023, according to regulatory filings.J.C. J.C. Penney bonds due in 2023 were trading at roughly 43 cents on the dollar on Tuesday, according to Refinitiv Eikon data, indicating investor concerns about the company’s ability to repay its debts.Thanks for contacting us. JCPenney’s financial situation in the months leading up to its bankruptcy filing was much worse than originally thought. 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. There is also a possibility that J.C. Penney will be able to secure rescue financing, one of the sources said.The coronavirus outbreak has hammered traditional brick-and-mortar department store operators and other retailers that had to close their doors to customers to curb its spread. The credit ratings firm predicts that could cause J.C. Penney’s earnings before interest, taxes, depreciation and amortization to turn “materially negative” to the tune of $400 million in 2020.J.C. Last week, peer Nordstrom said it borrowed $600 million against its real estate. J.C. Penney Ordered to Pay $250,000 to Shareholder Group Rhian Hunt | Jun 10, 2020 Implementing the financial restructuring plan, with the support of our first lien lenders, is the best path to ensure JCPenney will emerge stronger JCPenney will continue to be one of the nation’s largest apparel and home retailers with an expansive footprint of hundreds of stores with a powerful eCommerce flagship store, jcp.com JCPenney's financial situation in the months leading up to its bankruptcy filing was much worse than originally thought.