) is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major U.S. retailer to succumb to fallout from the coronavirus outbreak, according to people familiar with the matter.
The Plano, Texas-based company, which employs nearly 85,000 people, is in discussions with creditors for a so-called debtor-in-possession loan to bolster its finances while it navigates bankruptcy proceedings, the sources said. The loan could total between $400 million and $500 million, some of the sources said.
Under one plan being discussed, J.C. Penney would emerge from bankruptcy as two separate companies, the sources said. One would own some of the company’s real estate and serve as a landlord to the other entity operating the retailer’s business, they said. Creditors, many of them Wall Street hedge funds, would control the businesses in exchange for forgiving debt, they said.
J.C. Penney Chief Executive Jill Soltau told customers in a Thursday email that stores have started to gradually reopen with precautions such as Plexiglass shields at registers and limited crowds. The e-commerce revolution that took hold in the 21st century eroded J.C. Penney’s business much as it did other traditional retailers’. The company now also faces fierce competition from discount chains including TJX Cos Inc’s Marshalls and T.J. Maxx chains.
It's after 5 on a Friday courts are closed, so they can't file until next week at the earliest. Basic clock math.
Big deal! They were always bigger than us anyways. I say, let all businesses fail.
JC Penney stores were an American institution in the mid & western US back in the early & mid ‘60s. What a shame ! Jim, US.
Trump is making America so great
thisisdanbell I'm sure this is already on your radar...
Dropping like flies for bad business models.. Its going to hurt, but Change is coming.
Nothing is going to be left...we’ll be sitting at home ordering stuff online. This is so depressing
JCPenney has been struggling for years. They were already closing stores. It was just a matter of time before the last ones standing would go.
Trump Depression? The TDS has truly clouded your judgement and perception of reality.
No bail out!
Trump Depression!
Gotta love all the winning there. Overwhelming.
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Another casualty of the TrumpDepression
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