Copper made available the Fiscal Year 2025 Narrative Report of Penney Intermediate Holdings LLC, highlighting improved liquidity and elimination of long-term debt.
Key Highlights:
- Reported estimated Adjusted EBITDA of ~$168M for FY2025, down slightly from $172M in FY2024.
- Strengthened balance sheet via capital contribution used to fully extinguish ABL FILO Facility and Term Loan; no long-term debt at year-end.
- Net cash provided by operating activities was $180M, up $72M year-over-year.
- Gross margin declined ~150 bps due to higher tariffs, category mix and promotional activity; partially offset by cost negotiations.
- Recorded $107M of restructuring, impairment, store closing and other costs; capex totaled $166M focused on customer experience and omnichannel.
Original SEC Filing:
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