JCPenney said that it has drawn $850 million from its $1.85 billion revolving credit line, a clear sign that the flailing department store chain is in a severe cash crunch.
A judge ruled Friday that J.C. Penney can sell some goods designed by Martha Stewart that were destined for shelves this spring —for now.
A published report said that JCPenney is consulting with bankers at Blackstone Group on how the struggling department store chain can raise $1 billion in cash.
Attorneys for Plano-based J.C Penney and Macy were back in court Monday to fight over the Martha Stewart brand after a month-long mediation period went nowhere. The court-ordered mediation followed nearly three weeks of testimony.
What used to be Valley View Mall is about to become a mega entertainment area. It will have condos, two luxury hotels, a surfing wave pool and fountains, office space, and plenty of shopping.
Home diva Martha Stewart testified in court on Tuesday that she did nothing wrong when she signed an agreement to open up shops within most of JCPenney’s stores across the country.
Eight years after Martha Stewart was released from prison for lying about a stock trade, the 71-year-old home diva is on the witness stand, in the middle of a bitter legal battle between Plano-based J.C. Penney Co. and Macy’s Inc.
Eight years after Martha Stewart was released from prison for lying about a stock trade, the home diva is now facing another legal mess that may not be easy to clean up.
J.C. Penney, which also is struggling with big losses and steep sales declines, could face another challenge: empty shelves. A judge told Penney’s attorneys that the chain took a risk by ordering mercandise from the company Martha Stewart founded.
It’s been a tough week to be Ron Johnson. After facing down investors this week over a dismal quarterly performance, the JCPenney CEO will be in the spotlight again — in court.
Shares of JCPenney plunged a day after the department store chain reported massive losses and a nearly 30 percent drop in revenue in its fiscal fourth-quarter period.
Macy’s CEO Terry Lundgren testified on Monday that he hung up on home diva Martha Stewart after she called to inform him back in December 2011 that her company had signed a deal with J.C. Penney to open shops at most of the chain’s stores.