Reuters reveals J.C. Penney hired debt restructuring advisers; market reacts

Shares of J.C. Penney Co Inc dropped as much as 16% after Reuters exclusively reported that the money-losing U.S. retailer hired advisers to explore debt restructuring options that would buy more time to forge a turnaround. The 117-year-old department store chain’s move represents a high-stakes attempt to get its financial house in order before its cash coffers dwindle and its debt, totaling roughly $4 billion, comes due in the next few years.