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J.C. Penney Is Said to Hire AlixPartners as Revenue Dwindles

  • Firm is latest to join in effort to help struggling retailer
  • Retailer has said it is evaluating financial options
A customer pushes a shopping cart inside a J.C. Penney Co. store in Peoria, Illinois.

A customer pushes a shopping cart inside a J.C. Penney Co. store in Peoria, Illinois.

Photographer: Daniel Acker/Bloomberg
Updated on

J.C. Penney Co. has tapped the consulting firm AlixPartners LLP for advice as the retail chain mulls options for managing its approximately $4 billion debt load amid shrinking revenue, according to people with knowledge of the matter.

J.C. Penney has been in conversations with its banks in recent weeks about their liquidity needs, and has been in on-and-off negotiations with lenders about a possible debt deal, said the people, who are not authorized to speak publicly and asked not to be named discussing private information. The company’s shares declined following news of the hire and were down as much as 6.4% on the day.