Will the Coronavirus Spell the End of J.C. Penney? [The Motley Fool]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: The Motley Fool
Is COVID-9 responsible for the current troubles atJ.C. Penney(NYSE:JCPHowever, the coronavirus is the final nail in the coffin that seems likely to force the retailer into bankruptcy. J.C. Penney has been plagued by heavy debt for years, which hindered its ability to allocate capital to investments and spending that could have updated a business model that hesitated for far too long before reacting to the threat of e-commerce.The company announced on March 8 that it would be closing all of its approximately 80 stores in the wake of the coronavirus fallout, and it has extended the closures until it can reopen based on guidance from government officials. After reportedly furloughing 9,000 employees, including both hourly and corporate workers, one has to wonder whether we'll see the old-school retailer reopen at all.Image source: Getty Images.More troubling newsIt recently came out that J.C. Penney failed to make a $ million interest payment that was due on April . The company now has a
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