As JCPenney struggles with missed debt payments and prepares for a possible bankruptcy filing, it approved bonuses of $1 million or more to its top four executives.
JCPenney won’t comment on its bankruptcy plans, but it disclosed that it missed two recent debt payments: $12 million due to bond holders on April 15, and a $17 million payment due on a credit line this past Thursday. The grace periods for those missed payments are Thursday and Friday this week, suggesting a bankruptcy filing could be imminent.
