JCP - J.C. Penney's Blue Christmas Means the End Is Near
J.C. Penney (NYSE: JCP) closed the third quarter with $8.69 billion in assets and $8.69 billion in liabilities. That puts the company in a very tough position, as it lacks the cash needed to make a major transformation.
Its one hope -- albeit an improbable one -- was that the holiday season would create some cash for the company. People spend a lot of money between Thanksgiving and the end of the year, and that could have provided a boost for the struggling retailer.
But that was a pipe dream for company executives and shareholders from the beginning. As you might imagine, there was no Christmas miracle for J.C. Penney. The company got coal in its stocking, and its holiday season results suggest it may not live to see another Thanksgiving.