The 188-year-old retailer announced Friday afternoon that it would be filing for Chapter 11 bankruptcy, and closing a number of its stores.
J.C. Penney, Which Survived the Great Depression, Succumbs to Pandemic Lockdowns, Putting 90,000 Jobs at RiskJ.C. Penney, a 118-year-old retailer which survived the Great Depression, filed for bankruptcy on Friday as U.S. retail sales tumbled at a record pace, crushed by restrictions meant to stall the pandemic.
J.C. Penney had previously announced that it would be closing some of its 850 stores. The company employees almost 90,000 workers. It is the fourth major retailer—joining J.Crew, Neiman Marcus and Stage Stores, the company that also owns the chains Goody's, Bealls and Peebles—to file for bankruptcy protection amidst the coronavirus pandemic.reached out to J.C. Penney for further information. This story will be updated with any response.
Retail sales in the U.S. have been down across the board. Over the last 12 months, sales are down 21.6 percent, and in April 2020 alone, sales fell 16 percent, according a report Friday from the Commerce Department. Joshua Shapiro, the chief U.S. economist for the consultancy Maria Fiorini Ramirez told the Associated Press that even as states reopen their economies, sales will remain depressed as"a big chunk of the lost jobs" will not come back.
The parking lot in front of a J.C. Penney store at The Shops at Tanforan Mall on May 15, 2020 in San Bruno, California. The company filed for Chapter 11 bankruptcy on Friday.The worst losses in April were suffered by clothing stores, as well as electronics and furniture stores. Department stores like J.C. Penney lost 29 percent of business since March. The only retail sector to show an increase in sales were online and catalog companies.
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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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