JCPenney stock sinks under $1 after debt restructuring reports
Shares of embattled retailer JCPenney fell 17% on Friday after a Reuters report that the company had hired advisers to help restructure its debt in the latest effort to stave off bankruptcy.
Background: The stock fell 18 cents to close at 90 cents a share. It has traded near $1 since 2018.
What they're saying: JCPenney said in a statement that it "routinely" hires external advisers and that it has not hired advisers to prepare for a court restructuring or bankruptcy.
What they're not saying: The company has roughly "$4 billion in debt coming due in the next few years, with more than $1.5 billion currently available under a revolving credit line, according to SEC filings," CNBC reported.
Go deeper: The death of department stores