JCP - J.C. Penney Is Reportedly Thrown a Liquidity Lifeline
Struggling department store chain J.C. Penney (NYSE: JCP) may not be down for the count just yet. Without naming specific sources, Bloomberg reported on Friday the company had received an offer of around $300 million in new financing.
If the reports are accurate, the help is arriving none too soon. Like most retailers, JC Penney stores are closed to slow the spread of the COVID-19 coronavirus. J.C. Penney entered the coronavirus storm on very shaky footing, however. As of the quarter ending in early February, the company only held $386 million in cash or equivalents. That figure could be depleted quickly when stores are closed.
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