Dive Summary:
- Embattled retail chain J.C. Penney has issued a statement disputing reports that the retailer is struggling with financing for in-store merchandising.
- The struggling company has stated publicly that its vendors continue to support J.C. Penney. The company states that its current liquidity includes $1.5 billion in cash.
- “We do not believe that JCP has made progress in stabilizing the business in 2Q13, and we see no evidence of a turnaround in the works,” says Citi analyst Deborah Weinswig.
From the article:
The company is trying to reverse course under Chief Executive Mike Ullman, who returned to the helm in April after his successor, former Apple AAPL +0.76%executive Ron Johnson, flamed out after attempting a drastic turnaround.
