J.C. Penney Is Said to Hire AlixPartners as Revenue Dwindles [Yahoo! Finance News]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Yahoo! Finance News
) -- J.C. Penney Co. has tapped the consulting firm AlixPartners LLP for advice as the retail chain mulls options for managing its approximately $4 billion debt load amid shrinking revenue, according to people with knowledge of the matter.J.C. Penney has been in conversations with its banks in recent weeks about their liquidity needs, and has been in on-and-off negotiations with lenders about a possible debt deal, said the people, who are not authorized to speak publicly and asked not to be named discussing private information. The company’s shares declined following news of the hire and were down as much as 6.4% on the day.The firm joins a roster of advisers helping J.C. Penney navigate its obstacles. The retailer is also working with restructuring advisers from the law firm Kirkland & Ellis LLP and investment bank Lazard Ltd., previously reported. A representative for J.C. Penney declined to comment on the latest hire.Retailers still do the bulk of their business at their physical
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