J.C. Penney Co. dressed middle-class American families for more than a century, but its failure to evolve as shopping habits changed in the past decade set the retailer on a long march toward bankruptcy.
On Friday, Penney filed for chapter 11 bankruptcy protection, becoming the latest in a parade of retailers to seek a court restructuring during the coronavirus pandemic. Neiman Marcus Group Inc., J.Crew Group Inc. and Stage Stores Inc. have all filed for bankruptcy this month.
Source: Law Daily Report (lawdailyreport.net)
twicrates the dream is dead
silvioluiz 😢😢😢😢
Bullish
They held out long enough
This isn’t shocking as they were struggling for years. This unfortunate situation was just the tip of the iceberg for them.
Adapt or die
Giving top executives money before bankruptcy is a shitty move and also sure they will screw anyone that stays on if they liquidate.... meaning no severance just a crappy bonus from the sales of the liquidation. Glad they went bankrupt.
Unfortunately many retailers who don't have a brand of their own will go under. Debenhams .... retail in the age of Internet has changed for ever...
So sad...so many of us remember going to Penney's with our moms...
The bankruptcy of J.C. Penney has absolutely nothing to do with coronavirus and everything to do with how their management was trained. TimeToChangeHowWeAreTaught. Watch this video:
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Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaroundJ.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy. The retailer employed roughly 90,000 full- and part-time employees as of February. Right after they gave out huge bonuses to their executives...
Source: CNBC - 🏆 12. / 72 Read more »
JC Penney could join a growing list of bankruptcies during the coronavirus pandemicThe economic uncertainty driven by the Covid-19 pandemic has pushed struggling companies over the edge into bankruptcy proceedings. i thought they were gone years ago Надеюсь,что это правда
Source: CNBC - 🏆 12. / 72 Read more »
J.C. Penney files for Chapter 11 bankruptcy, plans some permanent store closingsJ.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy. such ashame indeed cause AMAZON is doing better than the retail business. J.C. doesn't have a penny. They really need to close.
Source: USATODAY - 🏆 100. / 63 Read more »
Boomer Favorite J.C. Penney Is Facing ExtinctionDuring my youth, one of the best things my mom could tell me was that we were going to spend the day at the Palisades Mall in West Nyack, New York. The place felt huge; it had a Ferris wheel overlooking the food court and there was also a Chili’s on the fourth floor. But the worst part of any mall trip, inevitably, was the hours-long sojourn through the many levels of J.C. Penney. The racks of clothes felt unending, and any time we got close to an exit some new section of merchandise would catch my mother’s eye. But according to a report in Women’s Wear Daily, my experience may be going the way of the dinosaurs as malls across America prep to lose the perennial anchor store, J.C. Penney, which faces “bankruptcy and possibly extinction.”
Source: Jezebel - 🏆 153. / 63 Read more »
J.C. Penney Halts TradingIt’s widely believed that Penney’s will reveal it is filing for bankruptcy protection.
Source: wwd - 🏆 24. / 68 Read more »
J.C. Penney makes $17 million interest payment, will continue to weigh its optionsJ.C. Penney Co. Inc. undefined announced Friday that it has made an interest payment on its senior secured term loan credit facility, about $17 million, and... Why did they make an interest payment just hours before filing BK?
Source: MarketWatch - 🏆 3. / 97 Read more »