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J.C. Penney to hire advisors as it mulls options for debt

J.C. Penney to hire advisors as it mulls options for debt

J.C. Penney has approached consulting firm AlixPartners LLP as it looks at options for managing its debt. This comes as brick-and-mortar retailers continue to struggle keeping up with the shift to online shopping. The retailer had $3.72 billion in borrowings as of Feb. 1, with cash and cash equivalents of $386 million. Its 2019 sales fell 8% to $10.72 billion compared with the previous year.

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