Neiman Marcus & JCPenney file bankruptcy as virus infects there business

Dallas-based retailers JCPenney and Neiman Marcus are treading some heavy water amid the coronavirus outbreak with stores closed and much of their business shuttered

The two retailers skipped recent debt payments in an effort to save cash and they are working with advisors for guidance during the crisis.

JCPenney officials said the company chose to skip a roughly $12 million interest payment on senior notes due on April 15. The retailer said it is entering into a 30-day grace period “in order to evaluate certain strategic alternatives, none of which have been implemented at this time,” according to a filing with the U.S. Securities and Exchange Commission.

Source
https://www.5newsonline.com/article/news/bankruptcy-looms-for-jcpenney-neiman-marcus-as-covid-19-threatens-retail-sector/527-4700ef47-bccf-4125-8fc1-b0aa84e72fd3

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