It was my turn to Hostess and everyone LOVED the table set with Grandma's good china and her silver, both from Germany and misc. OLD stemware.
Now remember...I'm an amateur at this, LOL!
Posted on 04/08/2020 12:54:46 PM PDT by Diana in Wisconsin
They were once the giants of American retail, strong enough to survive wars, the Great Depression, the Great Recession, and the rise of online shopping. But Sears, JCPenney, and others may not be able to survive the CCP virus crisis.
“The retailers who were wandering around aimlessly pre-pandemic are going to be substantially less likely to muddle through than they were before,” said Mark Cohen, director of retail studies at the Columbia Business School.
During the pandemic, stores have been shuttered. Retailers have furloughed hundreds of thousands of employees and are losing most of their sales. And shoppers have cut back on most purchases other than groceries and daily essentials. Depending on how long consumer demand stalls, companies may be forced to lay off workers, close stores permanently, or restructure.
“Store-based retail was already struggling with internet consumption trends before coronavirus, and now will be faced with accelerated demand shifts to the internet,” Randal Konik, analyst at Jefferies, said in a note to clients last week.
Sears, JCPenney, Neiman Marcus, and J. Crew were some of the most distressed companies prior to the outbreak, according to analysts. Many were forced to close stores in the face of declining sales even as unemployment reached a 50-year low.
Now with a record number of Americans filing for jobless benefits, unemployment is likely to be elevated for months if not years to come, further cutting into Americans’ appetite and ability to shop. Sears filed for bankruptcy in 2018 and its future has been in doubt ever since.
JCPenney, Neiman Marcus, and J. Crew are burdened by crushing debt loads. They’re also at risk from declining market share, too many stores, limited online sales, and a focus on selling discretionary items, analysts say.
JCPenney had $3.7 billion in debt at the end of 2019. Although JCPenney has enough liquidity to survive for the next several months, it may face challenges refinancing its debt in the future, said David Silverman, senior director at Fitch Ratings.
“There’s a good chance they can survive, but this is no layup,” said Craig Johnson, president of Customer Growth Partners. “This is going to be a three-pointer deep in the corner with time running out.” JCPenney will need to drastically reduce its 850 stores, Johnson said.
JCPenney did not respond to requests for comment.
Neiman Marcus is considering filing for bankruptcy to ease its $4.3 billion debt load, Bloomberg reported last month. Neiman Marcus is “completely helpless in light of the fact that the luxury sector may not emerge quickly when the pandemic crisis is over,” said Cohen from Columbia Business School.
Neiman Marcus declined to comment.
J Crew has $1.6 billion in debt. Before the outbreak, J. Crew was planning on spinning off Madewell, its fast-growing denim brand, to help pay down a chunk of its debt. But those plans are now in jeopardy.
“The potential inability for them to IPO Madewell could lead them to a more dire restructuring,” said Silverman from Fitch Ratings.
J. Crew did not respond to requests for comment.
Fitch has also downgraded credit ratings for GNC, Party City, and Tailored Brands, the owner of Men’s Warehouse and Joseph A. Bank, in recent weeks.
The End of Sears?
Last week, Sears announced it would close all of its remaining Sears-branded stores through at least April 30 because of the CCP (Chinese Communist Party) virus outbreak. It is keeping Kmart stores open where allowed. Many of those stores sell groceries and have pharmacies. It also furloughed most of the employees at its corporate headquarters.
But the company has been closing stores—continuously and permanently—for years. Losses of $12 billion since its last profitable year in 2010 made bankruptcy inevitable.
Store closings continued after Sears emerged from bankruptcy, suggesting that the losses at the now privately held company had continued. By the end of February it was down to 182 stores.
A company spokesman declined to comment for this story.
A second, and final, bankruptcy filing would not be unique to Sears. The retail graveyard is filled with companies that emerged from bankruptcy with plans to continue to operate but soon went out of business. Among them are Payless Shoes, Gymboree, American Apparel, and RadioShack.
It was my turn to Hostess and everyone LOVED the table set with Grandma's good china and her silver, both from Germany and misc. OLD stemware.
Now remember...I'm an amateur at this, LOL!
Beautiful table!! Love, love, love :0).
If you like this sort of thing, there’s a GREAT blog called
“betweennapsontheporch” run by a lovely Georgia lady, Susan Herrin.
Every Thursday is Tablescape Thursday, it features tablescaping only. Susan always posts a main article with lots of photos; either she does the tablescapes herself or she features photos sent to her by talented BNOTP fans. It’s also a day when other tablescapers who have their own blogs can link up to Susan’s blog, and from BNOTP there are photo links to the other blogs.
I LOVE BNOTP because it’s absolutely nonpolitical, just a gathering place of wives, mom’s, and Nanas (like me!) who love pretty dishes and entertaining and love getting new ideas.
God bless, it’s lovely chatting with you!
I’ll check that out - Thanks! :)
100% TRUE. = As long as “Mr. Stanley” lived, Nieman’s HAD that sort of personal service. - ImVho, STOPPING that sort of “personal care & service” made the N-M store into just another “soulless department store”.
(His book, MINDING THE STORE, is worth finding/reading IF you want to be a SUCCESS in business. = Here in TX, it is often called: THE GOSPEL ACCORDING TO SAINT STANLEY, which I find “somewhat amusing” as he was an “observant” Jew.)
Yours, TMN78247
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