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

May 15, 2020 | 08:05pm

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 …

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.

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

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