J.C. Penney Gets Approval of Motions to Support Operations

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(Bloomberg) -- J.C. Penney said it received bankruptcy court approvals for motions to support its business operations, including approval for the retailer to access and use its approximately $500 million in cash collateral.

The U.S. Bankruptcy Court for the Southern District of Texas also authorized the company to continue paying non-furloughed employees’ wages, to provide certain benefits to all employees and to pay vendors for goods and services provided after the Chapter 11 bankruptcy filing Friday.

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