JC Penney: We haven’t hired advisors ‘to prepare for an in-court restructuring or bankruptcy’

Business

Signage is displayed outside a JC Penney Co. store in Chicago, Illinois.

Christopher Dilts | Bloomberg | Getty Images

J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.”

The statement followed a report Thursday evening that the embattled department store chain had hired advisers to explore debt restructuring options, potentially buying it more time for a turnaround.

“As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement.

“By working with some of the best firms in the industry, we are taking positive and proactive measures, as we have done in the past, to improve our capital structure and the long-term health of our balance sheet. We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position. Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy.”

This is a developing story. Please check back for updates.

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