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JCP - J.C. Penney: Coronavirus Impact Increases Its Challenges
J.C. Penney Company Inc.
J. C. Penney (JCP) is in a vulnerable position as a heavily-indebted department store retailer that is trying to turn around its business. It had already forecast -3.5% to -4.5% comparable store sales for the year, but the coronavirus crisis could easily push this to negative high-single digits comps or worse.
The best-case scenarios now involve negative cash flow for J. C. Penney and EBITDA that is lower than in 2019. J. C. Penney may still be able to survive 2020 if the coronavirus impact is largely limited to a couple of months