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.
Jill Soltau J.C. Penney
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.
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.
It was another tough quarter for J.C. Penney as sales for the three month period ended November 3 were down more than 5%.