EXCLUSIVE: J.C. Penney has hired advisers to explore debt restructuring options to buy more time for the money-losing U.S. retailer to forge a turnaround JessicaDiNapoli mike_d_spector report
While J.C. Penney has more than $1.5 billion available under a revolving credit line, investors have continued to sell off the retailer’s shares in response to financial losses. Its credit rating is deep in junk territory, increasing its borrowing costs.
The retailer, which employs 95,000 people and operates more than 860 stores, is exploring options that could include raising additional cash or negotiating with creditors to push out debt maturities, these sources said. J.C. Penney is grappling with financial losses that have collectively surpassed $1.7 billion between 2014 and the first three months of this year.
The department store chain hired a new chief executive in late 2018 who moved to stop selling appliances and limit its furniture offerings. The decisions were aimed at refocusing J.C Penney on its roots selling mid-priced apparel and other merchandise targeted at U.S. families, though analysts have questioned whether the strategy will result in a successful turnaround at a retailer that has suffered declining foot traffic at stores for years.
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