JCPenney Makes Up With Sephora, but Bankruptcy Looms
Achieving at least one sunny outcome amid a storm of troubles, department store giant JCPenney (NYSE: JCP) managed to come to a new accord with its partner Sephora, a beauty and wellness products company owned by LVMH. However, a fresh hurdle looms as JCPenney continues to mull declaring bankruptcy, possibly as soon as next week.
As recently as Wednesday, Sephora was trying to end its partnership with JCPenney and threatening to halt resupply of product. Sephora's beauty and skincare products are a significant revenue source for the department store, leading JCPenney to seek and obtain a restraining order on April 27 preventing its partner from closing Sephora locations inside its stores.
Image source: JCPenney.
Source Fool.com
