J.C. Penney is in advanced talks for bankruptcy funding with a group of lenders, a sign the troubled retailer is about to succumb to the economic collapse caused by the coronavirus pandemic
J.C. Penney Co. Inc. is in advanced talks for bankruptcy funding with a group of lenders, a sign the troubled retailer is about to succumb to the economic collapse caused by the coronavirus pandemic.
Penney is in discussions with existing lenders including Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co. for a so-called debtor-in-possession loan that would keep the department-store chain’s operations funded during a court-supervised bankruptcy, according to people familiar with the matter.
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