SEC Probes J.C. Penney's Financial Condition

J.C. PenneyPLANO, 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."

In the third quarter, which ended on Nov. 2, J.C. Penney reported a net loss of $489 million, compared to a net loss in last year's third quarter of $123 million.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    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