Should You Buy J.C. Penney Stock?
When a company declares bankruptcy, its stock still trades, though its ticker symbol changes. That's what's currently happening with J.C. Penney (OTC: JCPN.Q), the struggling department store chain that has filed for Chapter 11 bankruptcy protection.
The retailer hopes to emerge from bankruptcy with a smaller profile and has begun closing nearly 250 stores. It also has deals in place for the funding it needs to operate in the short term. In the longer-term, there are published reports indicating that its landlords Simon Property Group (NYSE: SPG) and Brookfield Property Partners (NASDAQ: BPY) are rumored to be interested in buying the company.
That's good news for J.C. Penney management and some employees who may keep their jobs. It's also good news for shoppers loyal to the brand who don't want to see it go away.
Source Fool.com
