Exclusive: J.C. Penney taps debt restructuring advisers: sources [Reuters]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Reuters
Exclusive: J.C. Penney taps debt restructuring advisers: sources - Reuters 4 Min Read (Reuters) - J.C. Penney Co Inc ( JCP.N ) has hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround, people familiar with the matter said on Thursday. The 117-year-old department store chain’s move represents a high-stakes attempt to get its financial house in order before its cash coffers dwindle and its debt, totaling roughly $4 billion, comes due in the next few years. The Plano, Texas-based company faces fierce competition from discount retailers such as the TJX Cos Inc’s ( TJX.N ) Marshalls and T.J. Maxx chains, and J.C. Penney has struggled to boost the profile of its e-commerce business to rival established players such as Amazon.com Inc ( AMZN.O ). While J.C. Penney has more than $1.5 billion available under a revolving credit line, investors have continued to sell off the retailer’s shares in response to fi
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