JCPenney’s stock soars after it makes $17 million interest payment

0
126

JCPenney shares surged after the retailer said it has made a $17 million interest payment that was due May 7.

The announcement eased fears that the struggling retailer is headed for a bankruptcy filing soon, sending its shares up nearly 30 percent in afternoon trading, to 25 cents.

The once-mighty department-store chain has been talking to its lenders and looking for a $450 million loan to finance bankruptcy plans.

The 118-year-old company, based in Plano, Texas, has lost market share to e-commerce giants and has seen turnaround plans fizzle during the last decade.

Credit: Source link