Sources: J.C. Penney on the Verge of Declaring Bankruptcy [The Motley Fool]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: The Motley Fool
Citing anonymous sources yesterday, Reuters reportedJ.C. Penney(NYSE:JCPWhile the company still has a some cash, all of its 80 stores are closed and a range of significant annual debt payments will arrive shortly. The retailer was already in trouble and attempting a turnaround before COVID-9, and now faces a situation where its income is cut off for an unknown period of time.The company reportedlyhired specialist consulting firm AlixPartners LLPImage source: J.C. Penney.Any attempts to secure new financing or restructure its debt, however, will have to overcome several disadvantages. J.C. Penney is currently on the hook for approximately $ billion in debt. Additionally, Moody's just gave it a junk bond rating of Caa, classifying it as a speculative bond with very high credit risk and poor standing.J.C. Penney needs to pay $ million on one of its debts today, according to its SEC filings. June will see $0 million in bond repayments come due. At the start of the year, it attempted and f
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