Item 2.02. Results of Operations and Financial Condition.
As previously reported, on June 8, 2020, J. C. Penney Corporation, Inc. ("JCP"),
as borrower, and J. C. Penney Company, Inc. (the "Company") and certain of its
subsidiaries, as guarantors, entered into a Superpriority Senior
Secured Debtor-In-Possession Credit and Guaranty Agreement (the "DIP Credit
Agreement") with the financial institutions identified therein as lenders (the
"Lenders"), GLAS USA LLC, as administrative agent (the "Administrative Agent"),
and GLAS Americas LLC, as collateral agent. Pursuant to the DIP Credit
Agreement, the Company and JCP are required to deliver to the Administrative
Agent for distribution to each Lender, among other things, the Company's
consolidated monthly financial statements and certain other financial
information as specified therein (the "Monthly Information"). Certain portions
of the Monthly Information as of and for the month ended October 31, 2020 (the
"October 2020 Monthly Information") is furnished as Exhibit 99.1 to this Current
Report on Form 8-K.
The Company cautions investors and potential investors not to rely upon the
October 2020 Monthly Information, as it was not prepared for the purpose of
providing any basis for an investment decision relating to any of the securities
of the Company. The October 2020 Monthly Information does not include certain
quarterly adjustments and other important explanatory notes, has not been
audited or reviewed by any independent public accounting firm, and may be
subject to future reconciliation or adjustments, including adjustments related
to the Company's bankruptcy filing. In addition, the October 2020 Monthly
Information is limited in scope and covers a limited time period, and
accordingly, should not be viewed as indicative of future results.
The information disclosed in this Item 2.02 is being furnished and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that Section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, regardless of
any general incorporation language in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit 99.1 October 2020 Monthly Information
Exhibit 104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document
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