JC Penny Stores To File For Bankruptcy
May 15, 2020 19:18:30 #
mas24
Loc: Southern CA
First, it was the closing of many Sears Stores not too long ago. Sears Store closings were not impacted by the Coronavirus, but Penny's Stores are. Both Sears and Penny's have stores in my community. Sears not for long though. Even, with stimulus money help from the federal government, Penny's may have been struggling financially, before the Coronavirus began. Amazon, Best Buy Stores, and Walmart are doing just fine. For now.
May 16, 2020 01:02:08 #
We will probably see a lot of dark malls and shopping centers when this is all over. Most retail tenants have co-tenancy agreements that allow them to walk if a major tenant or anchor store closes without a comparable replacement.
May 16, 2020 05:10:36 #
Harry0
Loc: Gardena, Cal
Home Depot, Lowes, Best Buy and Walmart- almost always friendly helpful workers.
Sears, Target, Kmart, JCPenny- not enough workers, places were a mess.
Guess where I (and a lot more people) go
Sears, Target, Kmart, JCPenny- not enough workers, places were a mess.
Guess where I (and a lot more people) go
May 16, 2020 08:49:20 #
Penny’s has been on the edge for several years now. They were going under anyway, virus or no.
May 16, 2020 09:11:08 #
In the words of one author “Penney’s fired their customers before they found replacements”. In other words, I was a customer of theirs for over over fifty years. Not a great customer, but steady; I still notice a few of their ‘house brands’ in my closet. Then they changed every thing; one of their salesmen suggested I try their Online Store when I couldn’t find the type of underwear males in my family had been wearing all that time. So I switched stores. I hear that they had come back and were looking for their former customers .... but we had found other suppliers.
May 16, 2020 09:25:47 #
mas24 wrote:
First, it was the closing of many Sears Stores not too long ago. Sears Store closings were not impacted by the Coronavirus, but Penny's Stores are. Both Sears and Penny's have stores in my community. Sears not for long though. Even, with stimulus money help from the federal government, Penny's may have been struggling financially, before the Coronavirus began. Amazon, Best Buy Stores, and Walmart are doing just fine. For now.
Pennys is the only store that can fit me properly. I have 37 inch arms and their Stafford brand is what works for me. If I go to a big and tall shop they want to give me a shirt with 17.5 inch neck collar to get sleeves that long -- I need 16.5 inch necks. I will be very sorry to see them go if they do go under. Their top brand of suit was once as good as you could buy for off the rack suits and sport coats. They were made in Chicago by Hart/Schaffner and Marks which was a very respectable clothier. I'm sure with the demise of American manufacturing that is no longer the case but their clothing line is still very good.
May 16, 2020 09:42:45 #
JC P just avoided Bankruptcy 2 days ago by paying 17 million payment. Safe until next bill due.
May 16, 2020 10:40:48 #
It's a shame that these 2 iconic companys have failed. I could see this coming many years ago. Buyers that bought out dated styles, poor inventory control with no product when you needed it and many other mismanagement issues. The biggest was the refusal to change with the times. They have both been dead for years just not buried. The 17 mill payment should not have been made.
May 16, 2020 10:53:37 #
bobforman
Loc: Anacortes, Washington State
rehess is correct. I purchased my first socket set from Penny's; even bought a camera there. They used to be the only place to buy inexpensive outer T shirts that didn't look like undershirts. Dark glasses were $1.00. You can't find any of that stuff there now. The world moved on; Penny's didn't.
May 16, 2020 12:52:16 #
May 16, 2020 13:20:50 #
https://www.forbes.com/sites/warrenshoulberg/2020/05/13/soltau-and-team-taking-10-million-in-bonuses-out-of-sinking-penney/#5acf22151f55 Amazing how just prior to filing bankruptcy, the top personnel at Penneys received 10$M in bonus checks.
May 17, 2020 12:36:02 #
Ben Franklin said "A fish rots from the head down." JCPennys' Pres taking a $mil bonus is a prime example that Ben was right.
May 17, 2020 21:02:17 #
Clyde 13
Loc: Valpariso, Indiana
J.C.Penny is hanging by a chance. I wondered , how soon Kohls will be on the list of stores gone.
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