Moody’s Investors Service hit J.C. Penney Co. Inc. with a credit downgrade after the company took on a new $1.75 billion loan.
The retailer’s long-term rating was cut to “Caa1” from “B3.” Ratings in the “Caa” scale are judged to be of “poor standing” by Moody’s. About $2.9 billion in debt was covered by the downgrade, and the outlook on the rating remains negative.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)