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News Stories (13 Results) - JC Penney

JCPenney paid off its $506 million take-back term loan on December 1, 2021. The Company used its strong existing liquidity position to reduce its debt and save interest as the business continues its transformation.The take-back term loan was held by... Read Story
December 17, 2021, 07:52 AM

J.C. Penney has until September 10 to reach an agreement with lenders or face liquidation after talks with landlords for a rescue from bankruptcy proceedings stalled over the weekend, according to multiple news reports.Reuters reports the... Read Story
September 01, 2020, 09:15 AM

Lenders to bankrupt retailer J.C. Penney have extended a key deadline requiring the company to find a buyer after it was reported that Amazon is eyeing some of the company's properties as possible fulfillment center. The lenders gave the 118 year old... Read Story
August 10, 2020, 09:10 AM

J. C. Penney Company, Inc. announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and... Read Story
July 16, 2020, 09:00 AM

J.C. Penney Company, Inc. announced that it has received authorization from the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas to access its debtor-in-possession (DIP) financing, which includes $450 million of new... Read Story
June 05, 2020, 09:05 AM

J.C. Penney Company, Inc. announced that it has entered into a restructuring support agreement with lenders holding approximately 70% of JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position... Read Story
May 18, 2020, 09:15 AM

JCPenney shared its brand-new store, a completely reimagined format just outside of Dallas in Hurst, Texas, that represents the Company’s strategy to put the customer at the center of its business. The new retail outlet is the brainchild of Chief... Read Story
November 04, 2019, 09:00 AM

J. C. Penney Company, Inc. announced it has received $500 million of incremental bank commitments to increase the size of the revolving line of credit under its existing Senior Secured Asset-Based Credit Facility (“ABL”) to $2.35 billion from $1.85... Read Story
November 17, 2015, 08:11 AM

Bloomberg reports J.C. Penney denied a report that CIT Group has stopped funding some of its suppliers. Shares tumbled when The New York Post reported that CIT ceased supporting deliveries from small manufacturers to its stores. The newspaper didn’t... Read Story
August 01, 2013, 07:53 AM

Fitch Ratings has assigned a 'BB-/RR1' rating to J.C. Penney's new five-year $1.75 billion senior secured term loan facility. The closing of the new facility is contingent upon the successful tendering or defeasance (of at least two-thirds of the... Read Story
May 01, 2013, 07:03 AM

The Wall Street Journal reported that J. C. Penney Company, Inc. announced that it has entered into a commitment letter with Goldman Sachs Bank USA under which Goldman Sachs has committed to provide the Company with a five-year $1.75 billion senior... Read Story
April 29, 2013, 08:05 AM reports that amid plunging sales and negative free cash flow, J.C. Penney taps its line of credit to finance inventory and operating expenses. Retailing giant J.C. Penney company announced on Apr.15, it had tapped a portion of its $1.85... Read Story
April 16, 2013, 08:05 AM

The Associated Press reports that retailer JCPenney Co. has amended its bank credit facility to increase its borrowing capacity as it looks to finance its multiyear transformation. The department store chain it expanded the credit facility to $1.85... Read Story
February 13, 2013, 08:01 AM