J.C. Penney is preparing for talks with its creditors on ways it can ease its debt load, buying the retailer some time ahead of the critical holiday shopping season, Bloomberg reported.
The company's advisors and some of its bondholders are close to signing nondisclosure agreements, people familiar with the matter told the news service.
Bloomberg reported, citing people familiar with the matter, that the company's advisors and some of its bondholders are close to signing nondisclosure agreements. Those agreements, which could be signed by the end of the month, would allow lienholders and unsecured bondholders access to confidential company information, the people told the news service.
In mid-July, the company hired restructuring advisors to help get its financial house in order. J.C. Penney has roughly $4 billion in debt coming due over the next few years. Meanwhile, its sales have been declining. The 117-year-old department store chain brought in a new CEO, Jill Soltau, who has been trying to turn things around. In addition to exploring options to restructure its debt, the company is trying a host of new things to woo shoppers. It's experimenting with redesigned dressing rooms and hosting classes in its home department to teach shoppers how to do things like choose the right window treatments. It also has exited the appliance business, and is looking to shutter some stores.
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