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JC Penney said same-store sales May, the company rose after the first quarter disappointing sales. (2015 File)
JC Penney said Wednesday that works with banks to refinance long-term $ 2250000000 your loan and expects the transaction to complete this month.
Penney also said today that same-store sales rose May after sales results for the first quarter and many clothing stores reported disappointing to April.
The loan was a lifesaver former CEO Mike Ullman Penney negotiated when he had the company burned to the company in 2013, again on their money in the attempt of former CEO Ron Johnson invented the new department store.
Refinancing is a certain pressure Penney off balance. The loan was scheduled for May 2018. Penney said in a federal filing that the loan is collateral with a total value of $ 3.1 billion certain properties. The assets include 285 department stores JC Penney specialization $ 2,625 million nine centers distribution on $ 483 million estimated.
Penney said that it plans to around 400 million to reduce debt $ again this year. Part of this increase will come from the sale of real estate. It should be checked in the process of tenders for the sale of its headquarters in Plano. Penney plans to lease back about 60 percent of the space for the 3,000 employees in the home office.
Twitter: @MariaHalkias
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