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Neiman Marcus, J.C. Penney Skip Loan Payments

Neiman Marcus was already struggling under the burden of a heavy debt load before it closed its stores amid the COVID-19 pandemic. Now, it has defaulted on large interest payments on bonds. Neiman’s has a five-day grace period on $72.9 million in interest payment due on bonds that mature in 2024. J.C. Penney also skipped a debt payment and an is entering into a 30-day grace period “in order to evaluate certain strategic alternatives, none of which have been implemented at this time."

Read the whole story at Chain Store Age »

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