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2020-05-09 Economy
J.C. Penney to file for bankruptcy as soon as next week
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Posted by Fred 2020-05-09 00:00|| || Front Page|| [11133 views ]  Top

#1 Sad. We grew up with their Christmas "wish" catalog. Fond memories.
Posted by Woodrow 2020-05-09 01:56||   2020-05-09 01:56|| Front Page Top

#2 I miss Monkey Ward's
Posted by M. Murcek 2020-05-09 09:02||   2020-05-09 09:02|| Front Page Top

#3 Boy, I would not want to be in the commercial real estate bidness right now.
Posted by Clem 2020-05-09 09:06||   2020-05-09 09:06|| Front Page Top

#4 Malls make great homeless housing and shooting galleries.
Posted by Skidmark 2020-05-09 09:10||   2020-05-09 09:10|| Front Page Top

#5 Rental car parking garages ?
Posted by Besoeker 2020-05-09 09:12||   2020-05-09 09:12|| Front Page Top

#6 Reorg: J.C. Penney Co Inc (JCP.N) is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major U.S. retailer to succumb to fallout from the coronavirus outbreak, according to people familiar with the matter.

A bankruptcy filing would cap a long decline for the iconic 118-year-old department store chain, which struggled with a nearly $4-billion debt load and competition from e-commerce firms and discount brick-and-mortar retailers even before the pandemic’s onset.

The Plano, Texas-based company, which employs nearly 85,000 people, is in discussions with creditors for a so-called debtor-in-possession loan to bolster its finances while it navigates bankruptcy proceedings, the sources said. The loan could total between $400 million and $500 million, some of the sources said.

The timing of a bankruptcy filing could slip depending on how much time it gets from creditors, the sources said. J.C. Penney skipped a $17 million debt payment Thursday and only has five days to make good on it before defaulting. A 30-day grace period on a $12 million payment the company skipped April 15 ends next Friday.
Posted by Frank G 2020-05-09 09:23||   2020-05-09 09:23|| Front Page Top

#7 With $4 billion in debt, I should think JCP's demise is not all Amazon's or Walmart's fault.
Posted by Clem 2020-05-09 09:28||   2020-05-09 09:28|| Front Page Top

#8 Empty parking lots, deserted food courts and shuttered play areas: Malls across America resemble ghost towns as they reopen to a virus weary public reeling from historic job losses
Posted by Skidmark 2020-05-09 09:42||   2020-05-09 09:42|| Front Page Top

#9 Reference #4: Skid, your comment about malls
making great shooting galleries is hitting a bit too close: couple years ago a guy walked into Cascade Mall looking for his just-broke-up-with-him-ex-girlfriend, armed with a rifle. Couldn't find her so he opened fire anyway, killing several. Now my wife will not go to that mall and she is not alone: it is visibly dying.
Posted by USN, Ret. 2020-05-09 09:43||   2020-05-09 09:43|| Front Page Top

#10 Oh yeah, the JCP sign has already been pulled from the freeway reader board
Posted by USN, Ret. 2020-05-09 09:45||   2020-05-09 09:45|| Front Page Top

#11 I cannot recommend a shopping mall experience within 100 miles of Atlanta.
Posted by Besoeker 2020-05-09 09:45||   2020-05-09 09:45|| Front Page Top

#12 Big mall where I used to live just converted to a (non tribe) ca$ino just in time to be closed for COVID.
Posted by M. Murcek 2020-05-09 10:08||   2020-05-09 10:08|| Front Page Top

#13 The mail order catalog was a source of toilet paper for much of rural America. It was strange how the women's and men's underwear sections were the last to go. I suspect it was a conspiracy by Georgia Pacific that killed off the mail order catalogs to increase their toilet paper use.
Posted by Thaith Elmeresing6163 2020-05-09 23:51||   2020-05-09 23:51|| Front Page Top

23:51 Thaith Elmeresing6163
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