J.C. Penney 'will file for bankruptcy and plans to permanently close around 200 of its stores' - jus

[mystery-ak]

J.C. Penney 'will file for bankruptcy and plans to permanently close around 200 of its stores' - just days after Neiman Marcus and J.Crew also filed amid the economic fallout from the coronavirus pandemic

    * Sources have told Reuters that J.C. Penney is preparing to file for bankruptcy protection as early as next week
    *While the company is aiming to reorganize and reemerge, it reportedly plans to permanently shutter around 200 of its 859 stores
    *J.C. Penney was first established in 1902, and  currently employs nearly 85,000 people across  49 different states
    *Earlier this week, luxury department store Neiman Marcus and fashion brand  J.Crew both filed for bankruptcy protection amid the coronavirus pandemic 
    *Here’s how to help people impacted by Covid-19

By Reuters

Published: 11:02 EDT, 8 May 2020 | Updated: 04:09 EDT, 9 May 2020


J.C. Penney Co 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 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.

J.C. Penney declined to comment when approached by Reuters.

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https://www.dailymail.co.uk/news/article-8301203/J-C-Penney-file-bankruptcy-soon-week-sources.html

[Fishrrman]

For me, Penney started goin' bad when they discontinued their workwear catalog. I used to buy quite a few clothes items from it. I particularly liked their chamois shirts.

They don't have similar items "in the store", either...

[Free Vulcan]

Penneys, Sears, Wards, Kmart, etc. all screwed themselves because they failed to adapt, trashed the quality of some great old brands, and in some cases were looted by the top management and/or controlling shareholders in the process.

It's sad, especially companies like Sears and Wards, which were already setup to transition into the online age long before the Amazons of the world.

[dfwgator]

Get woke, Go Broke.

[Sighlass]

Lord I remember going to JC Penneys and getting the school clothes for each year... They had some of the toughest pants that were just awful (Big YanK).... Dreaded those shopping sprees.

[Smokin Joe]

Lord I remember going to JC Penneys and getting the school clothes for each year... They had some of the toughest pants that were just awful (Big YanK).... Dreaded those shopping sprees.

LOL! Yeah...

[Applewood]

Get woke, Go Broke.

Indeed.  People may blame the demise of Penneys and other retailers on COVID19, but the reality is that these retailers were hitting the skids long before this virus started and mostly because of bad business decisions such as Penneys catering to the pervert crowd and discontinuing sales and clearances.  The sales and clearances are back and maybe Penneys isn't so "woke" anymore, but it seems the customers have not returned.  Tick off the customers and it's very hard to get them to come back. 

[Smokin Joe]

Indeed.  People may blame the demise of Penneys and other retailers on COVID19, but the reality is that these retailers were hitting the skids long before this virus started and mostly because of bad business decisions such as Penneys catering to the pervert crowd and discontinuing sales and clearances.  The sales and clearances are back and maybe Penneys isn't so "woke" anymore, but it seems the customers have not returned.  Tick off the customers and it's very hard to get them to come back.

KMart found that out long ago, and for anyone paying attention, the lesson was there.

[Weird Tolkienish Figure]

Get woke, Go Broke.

I was just about to post this...

[catfish1957]

JCP and Sears both tended to have quality stuff.  This pandemic may be the final straw tht kills brick and mortar retail.

[Weird Tolkienish Figure]

JCP and Sears both tended to have quality stuff.  This pandemic may be the final straw tht kills brick and mortar retail.

JCP wasn't bad but Sears has been trash for a while now.

[Gefn]

Dunno. I want to go to a garden place and get some flowers I can plant on my patio, or put in big pots on my patio. Stores like that should be doing fine. I know liquor stores are doing well. I saw quite a number of florists delivering flowers for Mother’s Day.

As for clothes and accessories I think smaller stores should be ok. I would rather try on clothes now that I’ve lost weight I honestly don’t know what size I am. Also pet stores and stores like appliances and computers will also serve a purpose. And furniture stores. I can’t wrap my head around buying blind like from wayfair. How do you know if the sofa is comfy?

Malls might change but I think perhaps anchor stores might go the way of the dinosaurs. My local Penney’s had a Sephora in it and another little store, I can’t recall what it was, plus a beauty parlor.

[catfish1957]

JCP wasn't bad but Sears has been trash for a while now.

Does Sears even exist in any form or fashion anymore?

[Gefn]

Does Sears even exist in any form or fashion anymore?

I miss the Sears catalog.

[catfish1957]

I miss the Sears catalog.

I wore out The Sears Christmas Wish catalog early to late '60's.

[Applewood]

JCP wasn't bad but Sears has been trash for a while now.

Yeah.  It's too bad.  I mentioned this before -- Sears was the store my parents shopped in for years.    Bought tons of stuff from them -- appliances and a lot of "Dad stuff," such as hardware, tools, lawn mowers and the like.  When I bought my house, Sears naturally was my go-to for appliances, paint and other things for the home.

What a disappointment.  Appliances especially.  I still have a Sears refrigerator so bad that I'm actually looking forward to its demise.  A piece of junk from day one.

Sears also went wrong when it gave up the catalog, but it didn't develop much of an online presence to replace it.  Amazon has set the standard for online shopping.  Sears never developed anything close to it.  Poor online and lousy merchandise -- two great ways to lose business. 

[Gefn]

I wore out The Sears Christmas Wish catalog early to late '60's.

Oh that was my bible for Barbie things to ask Santa/Hanukkah elves for.

[musiclady]

Well, I like Penney's, so I hope our local store doesn't close.  I don't get any finery there, but it's still good for staples and kids clothes.

And I hate shopping for clothes online, so I sure hope the big retail chains don't all die out.

Hang in there, Macy's!

[musiclady]

JCP wasn't bad but Sears has been trash for a while now.

Sears became a junk store at least a decade ago.  I used to shop there all the time............ until I didn't.

[PeteS in CA]

https://www.usatoday.com/story/money/2020/05/15/jc-penney-bankruptcy-store-closings-coronavirus-closures-chapter-11/3057838001/

J.C. Penney files for Chapter 11 bankruptcy, plans some permanent store closings
Nathan Bomey, USA TODAY
5/15/2020

J.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy protection on Friday.

The company, which had racked up an unsustainable amount of debt in recent years, plans to close an unspecified number of stores permanently in a bid to survive bankruptcy. The retailer had 845 stores at the end of 2019, according to real estate data source CoStar Portfolio Strategy.

The bankruptcy filing comes after several years of declining sales and strategic missteps as J.C. Penney careened from one reinvention strategy to another.

JCP has been bumbling and stumbling toward bankruptcy for a decade or more. The Covid-19 shutdowns, at most, hastened this step.