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JC Penney staves off bankruptcy

state Texas city Plano, state Texas covid-19 pandemic
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fox29.com:

J.C. Penney Co. made a $17 million interest payment, buying itself more time amid reports it's exploring bankruptcy, a regulatory filing showed.

The Plano, Texas-based retailer has reportedly been in talks about restructuring, with speculation that it would file for bankruptcy as soon as Friday.

The May 14 payment had been due on May 7, and J.C. Penney had a grace period of five business days before defaulting, which executives used to weigh strategic alternatives that remain under consideration, according to the filing.RELATED: Neiman Marcus files for Chapter 11 bankruptcy protection Meats, poultry and eggs experienced the highest increase.

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