Source: Forbes
J.C. Penney's (JCP) revenue and cash flow continues to deteriorate. Its $3.9 billion debt load also appears untenable. Fitch Ratings recently downgraded the company's debt from to B- from B, reflecting the debt's highly-speculative nature:
Fitch on JCP: "The downgrade to 'B-' reflects the significant EBITDA erosion in 2018, with EBITDA expected to decline to under $600 million from $886 million in 2017, and Fitch's expectation that EBITDA could remain constrained at $500 million - $550 million in 2019 on comparable store sales ("COMP") decline in the low single digits. The