Skip to main content

JCPenney claims it has no debt for '09


PLANO, Texas JCPenney said that it expects to have more than $2 billion of cash on its balance sheet at the end of fiscal 2008, the period that ends on Jan. 31. Among other factors, this reflects an improvement in the contribution to cash flow represented by cash flow from operating activities less capital expenditures and dividends during 2008 compared to the prior year. Moreover, the company expects this cash flow metric to improve further and be positive in fiscal 2009.

JCPenney said it paid a $200 million debt maturity from its cash balances in August 2008 and has no debt maturities during 2009. The next debt maturity is approximately $500 million in March 2010, which the company expects to fund from its cash balances.

Aspokesperson for the Company said, “JCPenney has one of the strongest balance sheets in the retail industry and a cash position that is more than sufficient for all of our needs. Given this, there is no basis for any concern about our credit facility.”

This ad will auto-close in 10 seconds