Zombie J.C. Penney Finally Files for Bankruptcy, in Deal with Distressed Debt Funds. Stock and Some Bonds Wiped Out
By Wolf Richter for WOLF STREET.
I’m in awe of how long these publicly traded companies with access to hyperventilating capital markets can hang in there and burn cash and ruin their brand and drive away their customers, and make expense-cutting their business model, and present this expense-cutting to investors to get more cash to keep the charade going, over and over again, before finally investors refuse to throw good money after bad.
