Posted on 05/15/2020 6:39:31 PM PDT by struggle
New York (CNN Business)JCPenney filed for bankruptcy on Friday, the latest retail giant to see its downfall hastened by the coronavirus crisis. The pandemic was the final blow to a 118-year-old company struggling to overcome a decade of bad decisions, executive instability and damaging market trends.
(Excerpt) Read more at cnn.com ...
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
85,000 jobs would be hard to replace currently. Hopefully the company can save a majority of them.
>Been boycotting JC Penny since they went gay ... dont feel a bit sorry for them
Plus they’re in the middle of two massive movements. 1) Older women that would go there to shop are hitting Amazon, etc. more often. 2) Younger people with less money hit Ross and TJ Maxx and get the same clothes as soon as they leave JC Penney’s racks. Mall shopping just doesn’t float a business like it used to, especially NOW.
Thanks for clarifying.
“They’re filing Chapter 11, not 7.”
Soon to be converted. Once the vultures have picked the bones clean.
L
Thanks, big difference.
Chapter. 7 versus Chapter 11.
You’re welcome! The idjits writing that story never actually specified, so I had to go look.
Thanks for that.
“ 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?
In really basic terms Chapter 11 is when a company is protected from creditors so they can restructure. Most of the little guys that they own money to will get nothing. The rest will likely get pennies on the dollar. During Chapter 11, they get to do massive restructures to the organization. Most everyone loses somethung but the company has a chance to survive.
Chapter 7 is more like close the doors and sell everything.
Chapter 11 is what Kodak went through several years ago. There is a lot of information online about that journey.
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