According to a recent court filing, J.C. Penney reported operating losses of $164 million in July, more than double the operating loss experienced in May amid store closures. Net loss for July was $342.1 million.
Though the company reports around $1.5 billion in cash and cash equivalents, bids for the retailer have been complicated by J.C. Penney’s large debts.
“At the initial hearings in this case, the Court expressed its concern about the proposed timeline in this case,” said Judge David Jones of the Southern U.S. district court in Texas in a court filing. “That concern has escalated due to the lack of progress in the sale process. Thousands of jobs and the very essence of the country’s infrastructure are at risk. The parties have reached the end of the Court’s patience. Negotiating postures and egos will be put aside.”
