First J.Crew, now J.C. Penney: Analysts say $JCP will have to close at least 200 stores to emerge from chapter 11 bankruptcy. Sales at the department store retailer, which totaled $10.7 billion last fiscal year, have fallen each year since 2015.
J.C. Penney Co. Inc. will have to shutter a quarter of its nearly 850 store locations, among other measures, if it’s going to successfully emerge from chapter 11 bankruptcy, Cowen analysts say.
“We are pleased to have received approval of these motions, which will enable us to continue implementing our ‘Plan for Renewal’ and operating our business to serve the needs of our loyal customers,” said Jill Soltau, Penney’s chief executive, in a statement. Cowen says J.C. Penney needs to focus on its digital capabilities and on designing clothing that suits new, younger consumers while maintaining its appeal with an older and more loyal crowd.GlobalData Retail is recommending a much bigger overhaul that includes store designs and even the image of the 100-plus-year-old brand. But it has to start by getting away from underperforming malls.“J.C.
“Today, however, REITs and other institutional owners are more cash-strapped than ever, with April and May collections significantly challenged given mandated store and property closures. The lack of available funding has implications not only for landlords, but for J.C. Penney and other tenants that might ordinarily look to sell what was once valuable anchor-owned real estate to the REITs in order to raise capital.
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