JCPenney Could Bankrupt Next Week, Reports

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J.C. Penney could prepare to file for bankruptcy as early as next week, according to Reuters and other media reports. JC Penney is said to be the first major US retailer to close under pressure from the impact of the coronavirus on the US economy. The company was chained up with nearly $ 4 billion in debt as competition from online retailers increased sales. Now, with the coronavirus pandemic closing business doors nationwide, that $ 4 billion figure looks even more daunting, with Americans staying inside instead of shopping. Video: Most states soften restrictions J.C. Penney has passed the deadline for a $ 17 million debt payment on Thursday and has only five days to make up for it before it fails. The 30-day grace period for a $ 12 million payment that J.C. Penney ignored in mid-April ends next Friday. Penney has not made a final decision on how to manage his financial situation. He is considering other options, including negotiating with out-of-court creditors or seeking new financing, Reuters reported. The media reporting the information used anonymous sources.

J.C. Penney could prepare to file for bankruptcy as early as next week, according to Reuters and other media reports.

J.C. Penney is said to be the first major retailer in the United States to close under pressure from the effect of the coronavirus on the US economy.

Bankruptcy would end slow slowdown for department store chain, which has existed since 1902. The business was chained up with nearly $ 4 billion in debt, as competition from online commerce boosted sales . Now, with the coronavirus pandemic closing business doors nationwide, that $ 4 billion figure looks even more daunting, with Americans staying inside instead of shopping.

Video: most states relax restrictions

J.C. Penney has passed the deadline for a $ 17 million debt payment on Thursday and has only five days to make up for it before it default. Next Friday, the 30-day grace period for a $ 12 million payment that J.C. Penney ignored in mid-April ends.

J.C. Penney did not take a final decision on the management of its financial situation. He is considering other options, including negotiating with out-of-court creditors or seeking new financing, Reuters reported. The media reporting the information used anonymous sources.

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