Struggling department store chain J.C. Penney may soon be seeking debt relief from its creditors as the retailer prepares for the holiday season, Bloomberg reported.
J.C. Penney plans to pursue a reverse stock split of its common stock in an effort to meet the New York Stock Exchange’s listing criteria.
Creditors of J.C. Penney reportedly are looking to meet with officials at the department store chain to discuss a debt swap that could give the retailer additional time to fix the company’s fiscal issues.
Struggling department store chain J.C. Penney, facing debt payments of approximately $4 billion over the next few years, has reportedly hired advisors to examine debt restructuring options.
Strong sales in home and furniture were cited by Dillard’s as key factors to modest comparable store sales growth in the fourth quarter, as overall sales in the 13-week period ending February 2 were flat.
Bloomingdale’s has long offered its customers a broad selection of housewares. Now, the upscale department store is adding major appliances to its mix.