J.C. Penney Co. said that it skipped a $12 million interest payment owed to bondholders, one of the first major retailers to buckle under the strains of the coronavirus pandemic, WSJ Pro Bankruptcy reported. With its stores shut, J.C. Penney said yesterday in a securities filing that it skipped the payment to evaluate strategic alternatives. Other struggling chains, including Neiman Marcus Group Inc. and J.Crew Group Inc., also have been in negotiations with creditors this month. For J.C. Penney, the missed payment kicks off a 30-day grace period before a debt default becomes official. The company has been in negotiations with lenders to restructure its obligations or secure financing for a potential bankruptcy filing.
