J.C. Penney files for bankruptcy.
SINGAPORE — An American cargo pilot who admitted to “poor judgment” in breaking a quarantine order to buy medical supplies became the first foreigner imprisoned in Singapore for breaching its restrictions meant to curb the coronavirus, his lawyer said Friday.
Singapore has one of the largest outbreaks in Asia, with 26,000 cases. More than 90% of those infected are foreign workers living in crowded dormitories, while the government recently began easing restrictions for the local population. "This first phase of reopening is an important step in demonstrating our ability to operate safety and effectively, even in the current environment," the letter states.
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J.C. Penney Down to the Wire in Bankruptcy TalksJ.C. Penney Co. Inc. has been racing to secure the financing it needs to see it through a bankruptcy.
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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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J.C. Penney makes $17 million interest payment, will continue to weigh its optionsJ.C. Penney Co. Inc. undefined announced Friday that it has made an interest payment on its senior secured term loan credit facility, about $17 million, and...
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J.C. Penney Halts TradingIt’s widely believed that Penney’s will reveal it is filing for bankruptcy protection.
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JC Penney could join a growing list of bankruptcies during the coronavirus pandemicThe economic uncertainty driven by the Covid-19 pandemic has pushed struggling companies over the edge into bankruptcy proceedings.
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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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