JCPenney’s stock soars after it makes $17 million interest payment

JCPenney shares surged after the retailer said it has made a $17 million interest payme🌱nt that was due May 7.

The announcement eased fears that the struggling retailer is headed for a bankruptcy filingꦅ soon, sending its shares up 🐬nearly 30 percent in afternoon trading, to 25 cents.

The🧜 once-mighty department store chain has been talking to its lenders and looking for a $450 million loan to finance bankruptcy plans💟.

The 118-year-old company, based in Plano, Texas, has lost market share to e-commerce giants and has seen turnaround plans fizzle during the last decade.