JC Penney Shares Dive Amid Reports of Possible Chapter 11 Bankruptcy Filing [TheStreet.com]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: TheStreet.com
J.C. Penney Company Inc.(JCPGet ReportReuters reported late Tuesday that J.C. Penney's decision to shutter all of its 850 department stores, while furloughing nearly all of its 95,000 employees, may push the retailer into a Chapter 11 filing that could help it re-finance it near $4 billion in outstanding debts. J.C. Penny officials were not immediately available for comment when contracted byTheStreetEarlier this week, Moody's Investors Service cut the Plano, Texas-based group's credit rating to Caa3, the lowest on the junk rating scale, and tagged it with a negative outlook .“Although JCPenney liquidity is adequate, the widespread store closures as a result of the coronavirus pandemic and the continued suppression of consumer demand is expected to pressure JCPenney’s (earnings), impede its turnaround strategy and weaken its leverage to unsustainably high levels,” said Moody’s vice president Christina Boni.J.C. Penney shares were marked 14.7% lower in pre-market trading Wednesday to i
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