JC Penny faces bankruptcy due to Wuhan panic
The beatings will continue until morale improves: J.C. Penny is now facing bankruptcy because it will unable to meet a due date on a loan because of store closures forced on it by state governors, panicking over the Wuhan flu.
Like many traditional retailers, J.C. Penney’s business has been under pressure in recent years amid declining store traffic and a shift toward digital outlets. The company’s struggles were compounded in recent weeks after the coronavirus pandemic forced the closure of 850 J.C. Penney stores.
With turnaround plans temporarily shelved due to the pandemic, J.C. Penney executives are considering filing for bankruptcy, Reuters reported on Tuesday, citing sources familiar with the matter. While the retailer has enough cash on hand to weather the store closures, bankruptcy protections would allow J.C. Penney to restructure its upcoming debt payments. The company owes nearly $4 billion in long-term debt.
The article did not say how many employees are presently out of work because of the shut down of JC Penny stores.
I think I will start posting these stories, as I see them. There are a lot, and they illustrate that the shut downs are hurting far more people than the Wuhan flu.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon or from any other book seller. If you want an autographed copy the price is $60 for the hardback and $45 for the paperback, plus $8 shipping for each. Go here for purchasing details. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
The beatings will continue until morale improves: J.C. Penny is now facing bankruptcy because it will unable to meet a due date on a loan because of store closures forced on it by state governors, panicking over the Wuhan flu.
Like many traditional retailers, J.C. Penney’s business has been under pressure in recent years amid declining store traffic and a shift toward digital outlets. The company’s struggles were compounded in recent weeks after the coronavirus pandemic forced the closure of 850 J.C. Penney stores.
With turnaround plans temporarily shelved due to the pandemic, J.C. Penney executives are considering filing for bankruptcy, Reuters reported on Tuesday, citing sources familiar with the matter. While the retailer has enough cash on hand to weather the store closures, bankruptcy protections would allow J.C. Penney to restructure its upcoming debt payments. The company owes nearly $4 billion in long-term debt.
The article did not say how many employees are presently out of work because of the shut down of JC Penny stores.
I think I will start posting these stories, as I see them. There are a lot, and they illustrate that the shut downs are hurting far more people than the Wuhan flu.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon or from any other book seller. If you want an autographed copy the price is $60 for the hardback and $45 for the paperback, plus $8 shipping for each. Go here for purchasing details. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
Mr. Zimmerman:
Here I was deep in the bosom of Texas not so red as some might imagine but always pragmatic and humane. Here too have little tin plated dictators taken hold, with the best of intentions I’m sure.
James Stephens: Nice to hear from you again. I hope all is well.
I should repost your Linux series that your wrote for BtB sometime. I myself have used it now twice to get some old laptops up and running.
In fact, I can post it here now. If you want to try out Linux, all you really need is a spare laptop or desktop, one or two years old, that you aren’t using any more, and to then follow the instructions provided here on Behind the Black by reader James Stephens for Getting and Installing Linux, first posted in 2016 and still totally up-to-date:
I am not sure JC Penny is a good indicator of the market.
They have been in debt for some time, and I think the shutdown is only going to their hand sooner rather than later.
They have been carrying a lot of debt for years, now. They, like Sears, did not transition well from catalog to internet sales, instead hoping people will walk into stores rather than shop from home. They expanded physical stores, when they should have been building an a bigger and more robust online presence.
In ten years, their stocks have gone from a little less that $40 a share down to 2 bits.
Anecdotally, my friends wife has been a long time employee there. They are a a difficult company to work for, because money is tight. They all feel (at her store) like it is a matter of time until they go they way of K-Mart and Sears.
Who knows. Maybe if they re-structure now, rather than wait too long, they can keep their head above water.
Sears emerged from bankruptcy, but have less than 200 Stores. Kmart less than 100.
Trying times creates adversity. The weaker companies will fold up and vanish. The surviving companies will come out better positioned to grow.
It is why in the “great recession” I thought that bailing out GM and Chrysler was a bad idea. It was a house of cards that should have collapsed.
“I am not sure JC Penny is a good indicator of the market.”
Yeah, they have been struggling for a long time and likely wouldn’t have survived if things were normal.
sippin_bourbon wrote: “It is why in the “great recession” I thought that bailing out GM and Chrysler was a bad idea. It was a house of cards that should have collapsed.”
This is what happened to both companies despite the bailout. Obama took control of both companies, using the bailout as an excuse to replace the leadership with his own people, and both went into the bankruptcy that the bailout was intended to prevent. Then Obama nationalized both companies by bypassing the regular bankruptcy procedures.
Somehow, the government went from believing that the bailout would work, to managing both companies into bankruptcy, to taking over ownership of both companies.