U.S. Bankruptcy Court allows J.C. Penney to keep paying staff and vendors - Reuters
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Summary
5 Min Read(Reuters) - J.C. Penney Co Inc (JCP.N) needs to exit bankruptcy proceedings in just a matter of months to survive the unprecedented financial strain of prolonged store closures due to the COVID-19 pandemic, a lawyer for the iconic U.S. department store chain said during a court hearing on Saturday. The concern for J.C. Penney’s precarious position was echoed by U.S. Bankruptcy Judge David Jones, who approved the company’s requests to continue paying workers and vendors delivering merchandise to stores during a hearing following the retailer’s bankruptcy filing in a federal court in Corpus Christi, Texas. I want you to know that at least my looking at it says it’s not fast enough,” Jones said of J.C. Penney’s plan, encouraging the company to beat its own deadlines.
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