The longer J.C. Penney stays mired in bankruptcy, the less likely it will emerge as a continuing business, according to lawyers representing the company and its lenders
The clock is ticking for J.C. Penney Co., which is racing to settle with creditors quickly enough to convince them it can once again make money selling clothing, cosmetics and cookware to another generation of Americans.
After filing for chapter 11 protection Friday, Penney appeared on Saturday in the U.S. Bankruptcy Court in Corpus Christi, Texas, where the department-store chain hopes to slash its debt, spin off a real-estate division and position itself to welcome back shoppers as many states loosen their stay-at-home restrictions.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaroundJ.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy. The retailer employed roughly 90,000 full- and part-time employees as of February.
Weiterlesen »
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.
Weiterlesen »
J.C. Penney files for Chapter 11 bankruptcy, plans some permanent store closingsJ.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy.
Weiterlesen »
J.C. Penney, Pinched by Coronavirus, Files for BankruptcyJ.C. Penney filed for chapter 11 bankruptcy protection, becoming the latest retailer to seek a court restructuring during the coronavirus pandemic.
Weiterlesen »
J.C. Penney Files For Bankruptcy As Lockdowns Take Their TollJ.C. Penney began 2020 with hopes of yet another turnaround. Instead, the coronavirus shutdowns across the country have forced the department store and mall mainstay into bankruptcy.
Weiterlesen »