Struggling J. C. Penney (NYSE: JCP) To File Bankruptcy

December 27, 2017

Struggling retailer J. C. Penney (NYSE: JCP) is expected to file Chapter 11 bankruptcy as

early as this week according to a source close to the matter. The source states JCPenney

has hired bankruptcy lawyers to proceed with the filing. Also noted, same store sales and

online traffic has sharply decreased year over year, with this seasons holiday sales

falling "nearly 11%" below expectations. The decline has resulted in deep discounts as a

desperate attempt to move inventory. Losses have accumulated to the point where debt has

overwhelmed the Plano, Texas based retailer, and restructuring is now a must. "It's really

terrible. The damage is beyond repair, so it's really no other choice." the source

remarks. Reporting a loss in 16 of the company's last 20 quarterly earning reports, J. C.

Penney's business has been going downhill for years. Currently trading at $3.31 per share,

JCP stock is down over 60% so far in 2017.