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Troubled department store chain JCPenney made an interest payment of about $17 million on its term loan that had been due back on May 7, the company said in a public filing today.
According to the retailer, it had a five-day grace period to make the payment before it was considered in default. The grace period allowed JCPenney to evaluate what it described as strategic alternatives.
JCPenney said that while none of those options have been implemented, they remain under consideration.