J.C. Penney says it has made $17 million interest payment, is evaluating options
J.C. Penney Co. Inc. JCP, +37.50% announced Friday that it has made an interest payment on its senior secured term loan credit facility, about $17 million, and will continue to consider its strategic alternatives. The payment was due May 7, though there was a five-business-day grace period, over which time the struggling department store retailer evaluated its options. Many had expected that J.C.
Penney would file for bankruptcy on Friday or in the near future, joining Neiman Marcus and J.Crew, two other big-name retail chapter 11 filings. Government retail data, also released Friday, show retail sales plummeted 16.4% in April after falling 8.3% in March. Coronavirus-related lockdowns and retail store shutdowns devastated consumer activity for the period. J.C. Penney stock, which had been halted for news, has lost more than 84% of its value over the past year.
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