JC Penney Presents Files for Bankruptcy and Unveils

$JC Penney Co Inc$, Fatal Halted, Promised It Has Filed for Bankruptcy, Ending Weeks of Speculation on the Ways Forward for the Terrible Retailer. JCP filed for Chapter 11 After Promising a Liability Support Agreement with Lenders Holding Amounts 70% of JCPenney's First Lien Debt. Plan will cut billions from the company's indebtedness, while the company brings customers back to stores as they slowly move around the country.
JCP notes that prior to the health conditions, it had met or obtained its 5 financial implications for 2019, with comp. sales improvement in the majority of its health conditions. Received DIP financing amounting to $900M ($450M in new money), and had $500M in cash as of the Chapter 11 date. Co. will explore opportunities to maximize value during this process including a third-party sale process. Process will also include revamping stores, including a reduction in footprint of stores in phases.