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JCP - J.C. Penney: Bankruptcy Risk Increases With The Extended Store Closures
J.C. Penney Company Inc.
I noted recently that J.C. Penney's (JCP) store closures were likely to be prolonged from the initial April 2 date. J.C. Penney has now extended its store closures indefinitely, with a plan to follow guidance from government officials as to when it is safe to reopen.
It appears now that six weeks of store closures may be a reasonable estimate overall, although some stores may remain closed for longer. This raises J.C. Penney's near-term risk of bankruptcy. J.C. Penney should have enough liquidity to get through the store closure period and to the