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Penney looks to raise $450M in funding before bankruptcy filing

TheStreet 05/13/2020

J.C. Penney is reported to be close to securing $450 million in funding to continue operating while it reorganizes its business under Chapter 11 bankruptcy protection. The funding, if it materializes, is significantly less than the $1 billion that the retailer was initially seeking. The department store operator is expected to close up to 200 of its locations should it file for bankruptcy as expected.

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