SEC Probes J.C. Penney's Financial Condition
PLANO, Texas-The U.S. Securities and Exchange Commission is looking into some aspects of J.C. Penney's financial position, according to a 10-Q filing by the retailer with the SEC.
The filing, which was made yesterday and which detailed the company's third-quarter performance, said J.C. Penney received a letter from the SEC on Oct. 7, which asked for information regarding the retailer's liquidity, cash position and debt and equity financing. The letter also requested information regarding J.C. Penney's public offering of 84 million shares of its common stock, which the company announced on Sept. 26. In the filing, J.C. Penney said it is cooperating with the SEC regarding its inquiry and has provided material the SEC has requested. J.C. Penney told HFN it had "no comment beyond the filing."
In the third quarter, which ended on Nov. 2, J.C. Penney reported a net loss of $489 million, compared to a net loss in last year's third quarter of $123 million.