I find J.C. Penney to be a sick joke. The executives of this company think they can put out positive press releases and have their financial statements not properly show in the earnings press release to cover up the fact their financial results are deteriorating – not improving. CNBC will dutifully report the corporate lies. Checkout the press release where, for some reason, the financial results don’t format. Must be a glitch. Right?
The press release heading makes you think business is booming. Whenever a corporation crows about EBITDA, you know they are covering up their true results. Of course, a company with $4.7 billion of debt wouldn’t want to include interest expense in the results they announce.
These rocket scientists owe their ongoing existence to Bernanke and Yellen. A company with this much debt and billions in losses over the last five years should be paying 20% interest on their debt. Instead they can finance themselves at 8% rates. This bloated pig should have gone belly up by now. That’s how creative destruction works in a free market. Their existence as a dead retailer walking brings down the results of other retailers, creating the current zombie retail environment. These retailers just plod along, losing money, buying back stock, and never dying. The Fed has created this Walking Dead Economy with their warped QE and ZIRP “solutions”.
If you go to JC Penney’s website, you can actually see their income statement, balance sheet and cash flow statement.
Continue reading “J.C. PENNEY STILL ON BANKRUPTCY PATH”
