JC Penney a widely known retail chain in America that controls many stores across the nation. In addition, it has numerous shareholders, and some might have a greater stake in the company than others. Thus, these shareholders became a little weary when the talk of the town was that JC Penney might file for bankruptcy. It was alleged that it recently hired a law firm to provide bankruptcy advice.  In addition, the stock prices declined during this time, so the public was very worried as this might indicate that they might suffer a financial loss if JC Penney files for bankruptcy.

Now, the public is more worried or concerned with their assets as many companies, individuals, and people are filing for bankruptcy. As a result, the public suffers if they have a stake in a bankrupt entity. One of JC Penney’s spokespersons denied the allegations as reported by the New York Post in an October 15, 2013 article.

This company offered the sale of stocks to the public and in the beginning of this month it raised close to $800 million solely from these shares.  This proved that the public still supports the business and have a great share in the company. The company also says that it  will have more than enough assets by the year end  as it is estimated that it would be about close to two billion  dollars. Today, the company is slowly recovering financially as it did major renovations on some of its nationwide stores last year which was very costly.

If you are considering filing for bankruptcy, then you should contact a qualified attorney that can help you determine if bankruptcy is right for you. Jayson Lutzky is a New York lawyer with 30 years of experience who offers free in person initial consultations in which you can review your individual situation. Call 718-514-6619 to set up an appointment or visit www.MyNewYorkCityLawyer.com for additional information.