Posted on 05/16/2020 12:11:10 AM PDT by knighthawk
Retailer J.C. Penney filed for Chapter 11 bankruptcy protection after the coronavirus pandemic forced stores to shut, the company announced Friday evening, joining J. Crew and Neiman Marcus.
The stock has lost over 83 percent of its value in the last 12 months as business deteriorated even before the pandemic hit.
Penney’s had been making efforts to revive the business but the coronavirus “created unprecedented challenges,” CEO Jill Soltau said in a statement.
(Excerpt) Read more at foxbusiness.com ...
Didn’t they just pay their top executives a couple of million in bonuses earlier this week? I thought I saw that reported somewhere.
It’s been a long time coming. I’m surprised they lasted this long.
I wouldn’t doubt it... It was a good store... Over priced... They probably should have handed it over to a good department manager of a department store.... He or she probably could have saved it.
l8r
They were paying premium rent for mall-property, while not getting the foot-traffic that met the necessary capital situation.
There has been a sea change in shopping habits. The decline in local retail was primarily a function of younger people gravitating to the new shopping options, was forced on everyone. Many will never go back to the stores, at least not in the same capacity. The retail bloodbath has just begun. Good news for Bezos. Bad news for the job market in every town in North America, particularly students and those just entering the job market.
Their faggotry marketing didn’t help either.
Large box store spaces can be converted to social distanced sit down restaurants. With no contact delivery points for online purchasing that Used to be done in large retail stores.
Agree...They’ve seen their day. Old Penney folks shop at Tjs, Kohls and smaller shops.
Penny’s has been crap since they got rid of their plain pocket tee shirts a few decades ago.
The chain stores have an excuse now to get out. On line shopping has killed them. Now if we can only have an alternate to amazon, jeff bezos, Hillary and Obama supporter and contributor, owner of rag Washington post
Penny’s has been sinking for a long time now.
This is hardly a surprise.
I’m guessing JCP will use the bk to renegotiate mall leases.
I thought they went down the tubes a year or so ago.
I went in a Neiman Marcus once...had to be treated for sticker shock after. Sheesh
I’m holding out for Ellen Degenerate’s opinion.
Bkmk
Yes, and the payoffs were excessive. It’s where top execs get paid big time for failure where as you or I would get canned and get nothing.
I got snowblower real cheap when they closed the JCP near me...
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