J.C. Penney, which is looking to cut costs to remain afloat, plans to reorganize and emerge from bankruptcy proceedings after eliminating several billion dollars of debt. It will also explore a sale as part of the terms of its $900 million of debtor-in-possession financing.Meanwhile, the company is doubling down on its e-commerce presence as consumers are increasingly shopping online and hopes to record double-digit growth in its flagship online channel by fiscal 2021.
The company operates about 850 stores in the United States and Puerto Rico, according to its website. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
Source: News Formal (newsformal.com)
globebusiness More companies will be doing the same...take taxpayers assistance, skim off the top, chapter 11, raid employees pension plans, rebrand, return to profit, more bonus, then social disaster for the laid off employees. Rise and repeat.
globebusiness And yet another chain of executives who patted each other on the back and gave themselves bonuses before filing - these bottom feeders should be rounded up and jailed for theft/fraud!
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