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JCP - One Way J.C. Penney Can Tackle Its Big Debt Problem
J.C. Penney Company Inc.
Profitability collapsed at J.C. Penney (JCP) last year, with adjusted EBITDA falling to just $568 million from $935 million a year earlier. The bleeding continued in the first quarter of fiscal 2019, as adjusted EBITDA fell by more than half, from $151 million to $74 million. (To be fair, a large chunk of that decline was driven by a one-time lease buyout that boosted income in Q1 2018.)
However, while J.C. Penney continues to face severe sales erosion, with comp sales down about 9% year over year in each of the last two