Business

JC Penney: We haven’t hired advisors ‘to prepare for an in-court restructuring or bankruptcy’

Signage is displayed outside a JC Penney Co. store in Chicago, Illinois.

Christopher Dilts | Bloomberg | Getty Images

J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.”

The statement followed a report Thursday evening that the embattled department store chain had hired advisers to explore debt restructuring options, potentially buying it more time for a turnaround.

“As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement.

“By working with some of the best firms in the industry, we are taking positive and proactive measures, as we have done in the past, to improve our capital structure and the long-term health of our balance sheet. We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position. Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy.”

This is a developing story. Please check back for updates.

Articles You May Like

These are the 5 groups of borrowers eligible for Biden’s new student loan forgiveness plan
Biden administration to forgive $7.4 billion in student debt for another 277,000 borrowers
TSMC posts fastest monthly revenue growth since 2022 on AI chip boom
Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer
Why Hawaii is becoming a leader in U.S. EV adoption

Leave a Reply

Your email address will not be published. Required fields are marked *