J.C. Penney entered bankruptcy proceedings with a sense of urgency, setting a deadline of July 15 to secure support from lenders on a reorganization plan or pivot to pursuit of a sale to avoid liquidation.
The bankruptcy was expected as the 118-year-old department store skipped two interest payments in recent weeks. CNBC earlier reported that Penney plans to close 180 to 200 of its 846 stores.
Some 70 percent of Penney’s lenders have agreed to support a restructuring proposal that would reduce “several billion dollars in indebtedness.”
