J.C. Penney’s Debt Complicates Its Turnaround Strategy
J.C. Penney’s stock has taken a beating during the past year, falling more than 70%. Shares now trade under a dollar. A failed revamp attempt under a former CEO lost the department store chain customers and money. Now, new CEO Jill Soltau has plans to get J.C. Penney back on track. But with the retailer’s debt standing at roughly $4 billion, some fear it could be too late.
Soltau… earlier this year described Penney’s turnaround attempt as “a long road” with “no silver bullets” that “will take time.”