J.C. Penney Says It Hasn’t Hired Advisers for Bankruptcy Filing
(Bloomberg) -- J.C. Penney Co., the struggling department-store chain, said it’s taking measures to improve its financial health but assured investors that it hasn’t hired advisers to prepare for a restructuring in bankruptcy court.
“We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position,” the company said in a statement. “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.”
J.C. Penney is “working with some of the best firms in the industry” and is “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.”
The company’s shares plunged as much as 19% on Friday -- the most in almost a year -- and its bonds dropped following a Reuters report that the retailer had hired advisers to explore debt restructuring options.
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