TheStreet: J.C. Penney’s Cash Situation ‘Worrisome’
TheStreet reported that Sterne Agee has placed J.C.Penney’s liquidity position under the microscope and found the embattled retailer’s cash situation worrisome, so much so it has suspended its $3 price target.
TheStreet notes that the move comes nearly a week after institutional investors Hotchkis & Wiley, Dodge & Cox and Hayman Capital withdrew their positions in the retailer.
Sterne Agee’s Charles Grom, Renato Basanta and John Parke said while they expect a sales turnaround, the company will likely run into cash concerns within a few quarters at the current pace of recovery, TheStreet added.
To read the entire TheStreet article, click here.
Previously on abfjournal: WSJ: AlixPartners Assisting J.C. Penney, November 7, 2013