Big box retailer JC Penney filed for bankruptcy Friday after making a $17 million interest payment.
May 15 (UPI) — Big box retailer JC Penney filed for bankruptcy Friday after making a $17 million interest payment.
After years of dwindling sales capped off by the coronavirus pandemic that has shuttered its stores for weeks, the company said it secured $900 million in debtor-in-possession financing. The funds will ensure JC Penney remains open while it works its way through bankruptcy.
„Until this pandemic struck, we had made significant progress rebuilding our company under our plan for renewal strategy — and our efforts had already begun to pay off,“ CEO Jill Soltau said. „While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt.
