SEC Probes J.C. Penney's Financial Condition
December 6, 2013,
PLANO, Texas-The U.S. Securities and Exchange Commission is looking into some aspects of J.C. Penney's financial position, according to a 10-Q filing by the retailer with the SEC.
The filing, which was made yesterday and which detailed the company's third-quarter performance, said J.C. Penney received a letter from the SEC on Oct. 7, which asked for information regarding the retailer's liquidity, cash position and debt and equity financing. The letter also requested information regarding J.C. Penney's public offering of 84 million shares of its common stock, which the company announced on Sept. 26. In the filing, J.C. Penney said it is cooperating with the SEC regarding its inquiry and has provided material the SEC has requested. J.C. Penney told HFN it had "no comment beyond the filing."
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money