J.C. Penney Says No Financial Advisors Have Been Hired

Following reports that J.C. Penney was in the early stages of exploring debt restructuring options, the department store retailer issued a statement saying the company had “no significant debt maturities” come due in the near term.

Reuters reported on July 18 that the retailer had hired advisors to examine debt restructuring options. The report indicated that J.C. Penney is facing debt payments of approximately $4 billion over the next few years.

J.C. Penney’s statement:

“As a public company, we routinely hire external advisors to evaluate opportunities for the company. 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.”