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JC Penney officially files for bankruptcy and unveils restructuring

$JC Penney Co Inc$, Strongly Halted, Stronger It Has Filed for Remarkable, Ending Weeks of Speculation on the Way Forward for the Beginner Retailer. JCP Filed for Chapter 11 After Begins a Financial Support Agreement with Lenders Holding Guarantee 70% of JCPenney's First Lien Debt. Plan will cut opinions from the company's indebtedness, while the company brings customers back to stores as they discuss around the country.
JCP notes that prior to the health conditions, it had met or experienced its 5 financial benefits for 2019, with com. sales motivation in the majority of its patients. Received DIP donation amounting to $900M ($450M in new money), and had $500M in cash as of the Chapter 11 date. Co. will explore motivation to value during this process including a souvenir sale process. Process will also include revamping stores, including a reduction in footprints of stores, etc.
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