Does the world of retail really need J.C. Penney?
"They are just like Sears, there is no path forward," Jan Kniffen, a consultant to investors in retail companies and a former executive at The May Department Stores, parts of which were folded into Macy's, said about Penney. "I think a lot of stores will reopen long enough to go broke again."
CNBC previously reported that Penney has been working on a plan that would contemplate closing 180 to 200 stores while in bankruptcy.High-end department store chain Neiman Marcus, the rural chain Stage Stores and apparel maker J.Crew have each. Stage plans to liquidate its more than 700 stores if it can't find a buyer. It operates under brand names such as Gordmans, Bealls and Goody's.
Home-goods company Pier 1 Imports and sporting-goods retailer Modell's had filed for Chapter 11 protection before the Covid-19 virus slammed the U.S. economy and forced nonessential retailers' stores shut, subsequently putting their going-out-of-business sales on hold. Modell's has been in the process of liquidating its entire store base. Pier 1 was planning to emerge with a smaller footprint.
"Anything that has any chance of working would take many years and a lot of investment," Dennis said. "In these bankruptcies, I think a lot of them aren't going to make it because investors are saying ... this is too much of a long shot."
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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.”
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J.C. Penney set to file for bankruptcy in coming days: reportsJ.C. Penney Co. Inc. is poised to file for bankruptcy protection in the coming days, according to multiple reports Thursday. Reuters reported the filing could come next week, while CNBC reported it could come as soon as Friday. The battered retailer has a roughly $4 billion debt load, and was facing serious financial problems even before the coronavirus pandemic forced it to temporarily shut all its stores. Last month, the Wall Street Journal reported the company was in advanced talks for bankruptcy funding, and was seeking a loan package of $800 million to $1 billion to keep its operations afloat during a potential bankruptcy process. J.C. Penney operates more than 800 stores in the U.S., employing about 90,000 people. Its shares have plunged 83% year to date, compared to the S&P 500's 12% decline.
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