New York (CNN Business) JCPenney's financial situation in the months leading up to its bankruptcy filing was much worse than originally thought. The company Tuesday reported an operating loss of $477 million in the three months ending May 2. The good news for JCPenney is that taking such a charge won't cost it any cash at the time it needs to conserve as much as possible. Most recently that happened to Pier 1 , but it was also the fate of Toys "R" Us and other retailers. JCPenney's net loss in the quarter came to $546 million, up more than 250% from the year-earlier loss.

Source: CNN June 30, 2020 16:02 UTC