JCPENNEY Files for Chapter 11 Bankruptcy (May 15 update)
-
Probably not really surprising news to anyone here, but looks like the time has finally come for JC Penney.
This article just broke on the WSJ (paywalled):
https://www.wsj.com/articles/j-c-penney-in-advanced-talks-for-bankruptcy-financing-11587688846
-
-
Good thing I don’t have any gift cards there. Whew!
You gotta think Sears and Kmart won’t be too far behind.
-
-
Yet on 05-05-2020, they donated 100,000 masks and 500,000 shopping bags to Dallas ISD. Weird.
-
Sycamore in talks for a buyout if creditor talks fail during bankruptcy.
-
Buyout talks from the mall landlords have fallen apart. Lenders are making a credit bid. All are warning of more store closures and employee layoffs.
-
Evidently, my prior post about mall landlord buyout talks was more than likely something floated to the media by the credit-bidding lenders, because the mall landlords just reached a deal to buyout JCPenney.
Malls. We own the land. Now we own the stores, who are paying to use the land. But it may save multiple tens of thousands of jobs, so that’s fine by me.
