J.C. Penney makes interest payment as it explores bankruptcy

J.C. Penney Co., as of Friday, is continuing to explore its strategic alternatives.

The struggling retailer announced Friday that it has made an interest payment on its senior secured term loan credit facility, about $17 million, and will continue to consider its strategic alternatives. The payment was due May 7, with a five-business-day grace period.

Making the payment may be one way in which is Penney negotiating with its lenders, reported CNBC, noting that the retailer has been in talks for a $450 million loan to finance bankruptcy plans. Penney would get half upfront and be required to hit certain goals to receive the second half of it, CNBC previously reported. 

Sales at J.C. Penney have fallen annually since 2016. As of February, it operated 846 stores.