J. Crew is Michelle Obama's favorite!
Nice slogan. Seriously.
Can’t wait for Dicks to embrace the bankruptcy.
They’re filing Chapter 11, not 7.
For anyone else curious.
The guy who pushed the gay thing and the no coupons etc. and no deals ruined this company. He ought to be barred from ever managing any company, retail, or not ever again!
Get woke and go broke.
I’ll admit I don’t fully understand the bankruptcy process. When they file for bankruptcy, some companies go under and are never seen again, while some companies restructure themselves and/or their finances and recover later. In this case, which is it?
Been boycotting JC Penny since they went gay ... dont feel a bit sorry for them
“ The company’s bankruptcy filing doesn’t necessarily mean JC Penney will go out of business. ”
Restructuring.
When was the last time JC Penney was even relevant?
They always need to clarify the *type* of bankruptcy.
Chapter 11 means reorganization. Lots of businesses go through C11 and emerge intact.
Chapter 7 means liquidation. That’s it. All the company assets are sold off, including all its physical stuff, its trademark name, patents and copyrights.
they have had a string of very very bad decisions for the last 20 years and probably even before that.
not just that.
their whole haphazard retooling of the stores was just awful.
theyd run commercials about how the new stores would look, the various zones and stores areas within the store
and then people went to their local penneys
and it hadn’t yet been updated at all and still smelled like 1970s mothballs and yellowish orange carpeting and paint
The company has been underwater for sometime. Very similar to Sears, Kohl’s and Macy’s.
It’s amazing they made it this long. They’ve been circling the bowl for years.
Not before doing this!....
JCPenney Awards Top Execs With $1 Million-Plus Bonuses Days Before Potential Bankruptcy Filing
https://www.yahoo.com/lifestyle/jcpenney-awards-top-execs-1-140339201.html
I used to buy shoes and shirts from JCP, but their quality started going downhill several years ago. Cheap leather and glue in the shoes and the sleeves had smaller and smaller diameter.
At one time, J.C. Penny had a savings bank - we had one of their CDs that paid better than average interest in the late 80s.
The company has been a dead man walking for years.
What astounds me is the vendors that have been extending credit to JCP. They are going to get stiffed - I can’t feel sorry for them - and the company still isn’t going to survive anyway.
I have been screwed by companies that went Chapter 11. IMO, there should be no such thing as Chapter 11. If you can’t pay your vendors and they won’t work with you on it, it’s for a reason. They know you are not going to make it. Chapter 11 is just a way for a company to get a second chance at not paying suppliers. Shut the doors and divided up the assets. Either way, as unsecured creditors, the vendors never get paid. The lawyers do, though. How about that?
There has to be an entrepreneur who sees this, right?