Key Developments: J C Penney Company Inc (JCP)
18.81USD
20 May 2013
$0.80 (+4.44%)
$18.01
$18.12
$19.01
$18.08
15,779,236
20,295,876
$32.55
$13.55
Latest Key Developments (Source: Significant Developments)
J C Penney Company Inc Issues Q1 2013 Revenue Guidance In Line With Analysts' Estimates
J C Penney Company Inc announced that for the first quarter of 2013, it expects total sales of approximately $2.635 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $2.719 billion for the first quarter of 2013. Full Article
Goldman Sachs Lines Up $1.75 Billion J C Penney Company Inc-Reuters
Reuters reported that Goldman Sachs has arranged a $1.75 billion financing package for J C Penney Company Inc backed by the department store chain's real estate and other assets. Penney spokesman Joey Thomas said the Company does not comment on speculation or rumor. Goldman did not respond to a request for comment. The retailer has not yet agreed to a deal and there is no guarantee it will. Full Article
J C Penney Company Inc Ousts CEO Ron Johnson-DJ
Dow Jones reported that J C Penney Company Inc Chief Executive Officer Ron Johnson has been ousted, after his attempt at engineering a turnaround at the retailer failed to take hold. The Company has named Myron E. Ullman III as its new CEO. Mr. Ullman was CEO of Penney until late 2011. Full Article
J C Penney Company Inc Sues To Block Bondholders From Declaring Default-Reuters
Reuters reported that J C Penney Company Inc filed a lawsuit asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months. The lawsuit was filed after J.C. Penney received a letter from the Brown Rudnick law, firm which said the retailer had breached a covenant of a bond indenture agreement by granting a lien on its inventory, according to the complaint filed in the Delaware Court of Chancery. The indenture agreement related to $326 million of outstanding bonds that mature in 2037, although the letter said that J.C. Penney could be in default on all of its $2.9 billion bond debt, according to the lawsuit. The letter also said bondholders believed that J.C. Penney's debt could be declared payable in less than three months. In the complaint, J.C. Penney noted that the demand from Brown Rudnick came as the company is investing significantly to update its stores. Full Article
J C Penney Company Inc Comments On FY 2013 Profit Guidance-Conference Call
J C Penney Company Inc announced that it fully expects to resume growth and profitable growth in fiscal 2013. According to I/B/E/S Estimates, analysts are expecting the Company to report net profit of $434 million for fiscal 2013. Full Article
J C Penney Company Inc Lowers FY 2012 EPS Guidance
J C Penney Company Inc announced that it is no longer anticipates achieving the previously issued non-GAAP earnings guidance for fiscal 2012. Full Article
J C Penney Company Inc Sells Real Estate Stake In Simon Property Group Inc-Reuters
Reuters reported that J.C. Penney Co Inc raised $248 million by selling part of its stake in a Simon Property Group Inc unit. Full Article
J C Penney Company Inc Cuts Another 350 Head Quarter Jobs-Reuters
Reuters reported that J C Penney Company Inc announced another 350 job cuts at its Plano, Texas headquarters, completing a reorganization of its home office designed to help it bring costs in line with those of rivals. The department store chain, which is involved in a radical transformation including a new pricing strategy and the remodeling of its fleet of 1,100 stores, said the cuts will contribute to its previously announced plan to reduce costs by $900 million a year by the end of 2012. The Plano, Texas-based retailer said in April it would lay off 600 workers at its headquarters. As of January 28, 2012, the Company had 159,000 employees. Full Article
J C Penney Company Inc Reaffirms FY 2012 EPS Guidance
J C Penney Company Inc reaffirmed fiscal 2012 earnings guidance and expects earnings per share (EPS) of $2.16 per share which excludes non-cash qualified pension expense, restructuring charges and markdown reserves as the Company transition merchandise assortment. Full Article
J C Penney Company Inc Names Ken Hannah As Chief Financial Officer
J C Penney Company Inc announced that Ken Hannah has been named Chief Financial Officer effective May 7,2012. Full Article
RLPC: J.C. Penney ups TLB to $2.25B, cuts pricing
NEW YORK, May 20 - Embattled retailer J.C. Penney has increased its new five-year term loan B to $2.25 billion from $1.75 billion, sources told Thomson Reuters LPC.
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