Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[BeamMeUpScotty]

Company had $1.8bn in cash at the end of last year. See the link and the extract I’ve posted.

https://www.jcpnewsroom.com/news-releases/2020/0227_reports_fourth_quarter_and_full_year_2019_results.html


Full Year:

Comparable store sales decreased 7.7%

Adjusted comparable store sales decreased 5.6%

Cost of goods sold, as a rate of net sales, improved approximately 210 basis points over prior year

Adjusted EBITDA of $583 million, 2.6% growth over prior year

Free Cash Flow of $145 million

Inventory declined 11.1% to $2.17 billion

Strong liquidity position of approximately $1.8 billion at year-end


“In Fiscal 2019, we met or exceeded all five financial guidance metrics for the year, and we delivered our third consecutive quarter of meaningful gross-margin improvement in the fourth quarter,” said Jill Soltau, chief executive officer of JCPenney. “I am encouraged by our progress, especially in our women’s apparel businesses. We knew it would take time to restore discipline and return growth to JCPenney. As we move into Fiscal 2020, we remain focused on the key tenets of retail as we continue rebuilding the Company and implementing our Plan for Renewal.”

Fourth Quarter 2019 Results