J.C. Penney Co., which earlier this week posted November sales that missed some analysts’ estimates, fell for the second straight day after hedge fund manager J. Kyle Bass said he sold his stake in the struggling retailer.
Detroit, once the symbol of U.S. manufacturing muscle, was given the authority to try to pare billions in debt and slash employee pensions in a federal court ruling that may have implications for distressed cities across the U.S.
J.C. Penney Co. showed progress in its attempted turnaround as revenue declines slowed in the third quarter and the department-store chain said sales and profit margins would improve during the holiday shopping season.
Detroit’s bankruptcy trial ended yesterday without a ruling from the judge on whether the city can remain under court protection, where creditors are limited in what they can do to challenge the city’s restructuring process.
Michigan Governor Rick Snyder told a federal judge that he considers Detroit’s bankruptcy the “largest issue” facing the U.S., while declining to answer some questions about how the case may affect retired workers.