JC Penney skips $12 million interest payment as coronavirus shutters stores [CNBC]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: CNBC
Pedestrians pass a JC Penney store in New York.Scott Mlyn | CNBCJ.C. PenneyIt is entering into a 30-day grace period "in order to evaluate certain strategic alternatives, none of which have been implemented at this time," Penney said in a filing with the Securities and Exchange Commission.If the company does not make the payment within the 30-day period, it would result in an "event of default," with respect to its 2036 Senior Notes, the department store chain said.Among Penney's options is filing for bankruptcy protection, a person familiar with the matter told CNBC.Even before thecoronavirus pandemic"The () pandemic has created unprecedented challenges for department store retailers across the industry and has resulted in extensive store closings," a spokeswoman told CNBC in an emailed statement.VIDEO3:2003:20The average investor should be doing this during the coronavirus economic crisisInvest in You: Ready. Set. Grow.Penney has been in talks with its lenders since the middle of 2
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