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WMT - J.C. Penney Seeks $450 Million Loan as Friday Bankruptcy Filing Looms
Walmart Inc.
J.C. Penney(NYSE: JCP) was expected to be the first retailer to declare bankruptcy due to the coronavirus lockdown, but was beaten to the punch by J.Crew and Neiman Marcus.
Yet it looks as though the once-venerable department store will succumb at last as the retailer is reportedly seeking a $450 million debtor-in-possession financing deal ahead of a Friday bankruptcy filing.