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Report: J.C. Penney files lawsuit to block bondholders from declaring default
New York -- J.C. Penney Co. filed a lawsuit on Monday asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months, Reuters reported.
According to the report, J.C. Penney received a letter earlier on Monday from the Brown Rudnick law firm that said J.C. Penney had breached a covenant of a bond indenture agreement by granting a lien on its inventory. J.C. Penney filed the lawsuit after receiving the letter.
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Banana Republic’s new ‘Love’ campaign includes partnership with Match.com
New York -- Banana Republic is partnering with Match.com to host in-store meet and greet events for the online dating site’s subscribers in key markets, including San Francisco, New York, and Chicago. The partnership is part of the retailer’s newly announced “Love” global marketing campaign.
To further engage consumers, Banana Republic will ask their Instagram and Twitter followers to share photos of hearts for a chance to be featured in a special Valentine's Day album posted on the brand’s Facebook page.