topic Re: J C Penney Filing Bankruptcy in Community Chat

J C Penney Filing Bankruptcy

elated — Mon, 11 May 2020 04:29:20 GMT

I just read that they are filing bankruptcy and closing 200 stores. They are currently $4 billion in debt. The report says the company is working to secure a loan between $400 and $500 million. The report came a day after the company missed a $17 million debt payment while it also missed a $12 million debt payment on April 15th, on which they had 30 days to make good. There are also some other large payments coming soon with a $105 million debt payment in June along with $300 million in interest expenses.

The filing come with plans to close a quarter of their near 850 stores.

Re: J C Penney Filing Bankruptcy

Foxxee — Mon, 11 May 2020 07:46:31 GMT

Another old retailer in trouble. Opened 1902.

Nothing from Sears yet, but I expect it again. Opened 1820.

Re: J C Penney Filing Bankruptcy

Tinkrbl44 — Mon, 11 May 2020 09:33:08 GMT

Wow .... well, let's hope they can survive in spite of these actions.

Re: J C Penney Filing Bankruptcy

Nataliesgramma — Mon, 11 May 2020 09:43:10 GMT

I thought something was up. I tried to buy a couple rugs online and they were out of most colors in any I picked.

Re: J C Penney Filing Bankruptcy

godi — Mon, 11 May 2020 11:29:37 GMT

This is so sad! They pulled themselves out of bankruptcy and started to make profits. So sad this is happening. I really dislike seeing all these great brick and mortar stores I grew up with closing and declaring bankruptcy.

Re: J C Penney Filing Bankruptcy

Mindy D — Mon, 11 May 2020 15:42:10 GMT

I am so sad to hear this. I will order from them. One thing I noticed is that most of the online reviews are from older people. Maybe they need to bring in younger people online. They will have to strategize to come out of this.

Re: J C Penney Filing Bankruptcy

ValuSkr — Mon, 11 May 2020 15:48:20 GMT

Theirs has been a very long and protracted death. Since the JCP store near me closed 5-10 years ago, I don't even think about them. The closest stores remaining are 45 minutes to an hour away and there's no way I'd do that for the "JCP experience."

Re: J C Penney Filing Bankruptcy

Spurt — Mon, 11 May 2020 16:23:07 GMT

JCP has made some horrible decisions---they were in trouble and hired that Executive from Apple and he almost killed the company right then and there....he was fired they brought in someon else and they have been struggling to re-gain momentum....

There is a very busy large shopping center and their store became just a shell of what it used to be 2 years ago. They've whittled down their merchandise..Very little in their Home Department these days. They have the best curtain and drapes in retail, and their clothes are reasonably priced too, but the bad decisions continue to haunt them. And this pandemic certainly didnt help them at all.....very sad!!!!

Re: J C Penney Filing Bankruptcy

Puppy Lips — Mon, 11 May 2020 16:23:50 GMT

I used to work for JC Penney, soon after I graduated from college. I did not stay there too long before I moved on, but I really liked the store and the company. I have not shopped there in a long tme. They had great towels and bedding. The one in the mall closest to us here in FL closed years ago. I used to get my boys' photos taken there all the time, back in Ohio. I can not imagine any bank wanting to give them a loan.

Re: J C Penney Filing Bankruptcy

CelticCrafter — Mon, 11 May 2020 16:27:24 GMT

The last time I was in a JCP was 9 years ago when I was looking for something to wear to my daughters college graduation.

The store was in such a shambles that I vowed to never step foot into one again.

Re: J C Penney Filing Bankruptcy

Snoopp — Mon, 11 May 2020 17:37:25 GMT

There aren’t any stores near me but I still order online and have been pleased with their merchandise. They should have put a store in my area, it would have done well.

Re: J C Penney Filing Bankruptcy

MarthaStewardess — Mon, 11 May 2020 18:46:40 GMT

So very sad. Jcpenney's used to be the first place I'd think of for clothing (just as Sears was the first place I'dthink of for appliances). They were always one of the few places that had things for tall women like me. They were great for home goods as well. Used to love the catalogs.

Re: J C Penney Filing Bankruptcy

SeaMaiden — Mon, 11 May 2020 19:19:32 GMT

JC Penny has been on the verge of bankruptcy for years....nothing new. Like Sears they are both doomed. It would of happened anyways....the virus is just culling out rotten apples from the healthy ones....

Re: J C Penney Filing Bankruptcy

goldensrbest — Mon, 11 May 2020 19:23:58 GMT

I like jc penny, their cotton tops, mens flannel shirts, sheets.

Re: J C Penney Filing Bankruptcy

Pecky — Mon, 11 May 2020 19:30:35 GMT

The only things I ever purchased from JCP is bedding, towels and my window treatments. I didn't care for their clothing lines at all.

Re: J C Penney Filing Bankruptcy

Q4u — Mon, 11 May 2020 21:15:32 GMT

I've been to the first JC Penny's built in Kemmerer, Wy years ago. I really enjoyed the experience. We live in a small town and Penny's is one of the anchors in our Mall. I remember the store when they changed out management and decided to treat shopping there like Saturn treated selling their cars. One price, no negociation, one price as low as it can go. It was moderately successful with their cars (we bought one in 08) but Penny's customers didn't like not having sales or coupons any more and started giving up on our Penny's. Not long after this, they decided to go back to coupons and sales and the customers started coming back. This was a few years ago and our Penny's was doing well.... and now this.....

Re: J C Penney Filing Bankruptcy

SunSprite — Mon, 11 May 2020 21:15:34 GMT

me too @Snoopp !!

I purchase a lot through them, as does my daughter. Really like their bathing suit lines, and my Dad lives in their flannel shirts in the winter

Hopefully we can still access them online and that doesn't change

Re: J C Penney Filing Bankruptcy

AuntG — Tue, 12 May 2020 00:31:41 GMT

Always have been pleased with their home furnishings. We bought lamps and window treatments from JCP. Even got my husband a suit from some athlete 's collection. They made the alterations too.

Re: J C Penney Filing Bankruptcy

Spurt — Tue, 12 May 2020 00:50:29 GMT

Here's an optimistic article on how JCP can survive

The Final Countdown For JCPenney

Walter Loeb Senior Contributor Forbes ---Retail

I reflect on the reasons why I still hope and pray that JC Penney will survive. The livelihood of 85,000 associates are at stake, I believe that management can still solve their dilemma.

Management. I have full confidence in CEO Jill Soltau, who took the job two years ago and has worked tirelessly to initiated a recovery plan. I also think that Ronald Tysoe, the company’s non-executive chairman is very valuable. He's one of the few brilliant financial men whom I admire in the retail industry. Both Soltau and Tysoe should be pillars in the restructuring of the company.

Loyalty. The company has loyal customers that continue to buy the multimillion-dollar brands with trust. The names from Arizona, Liz Claiborne, Worthington, St. John’s Bay and many others have been well accepted. They are the backbone of the company.

Home Fashion. In the past, home fashion accounted for 24% of total sales. The company displays this merchandise in a way that you can envision it in your home, with strong color coordination that matched beautifully. This is another area where JCPenney can thrive.

Apparel. The retail industry has had weak apparel sales, and JCPenney is no exception. However, its accessories – handbags, jewelry and shoes – have shown strength in many JCPenney stores. They have created traffic in stores as shoppers looked for new offerings.

JCPenney has a distinguished history. I have followed the company since 1972. I admire JCPenny for its ability to beautifully display colors in its home department, develop partnerships with Sephora and show leadership in budget price fashion. JCPenny has developed a strong loyal customer base that wants to continue to shop at their local store.

During the pandemic, the company has tried to fill internet orders as quickly as possible. Some locations offer curbside pick-up, all of them will deliver to the home.

Some stores will have to be closed. There are too many in Texas and while the Yellow Front stores – tiny mid-western stores – are marginally profitable, they are not promising growth and incremental profitability.

The clock is ticking.

I hope there will be a strong effort to keep JCPenney intact. It may require the closing of some stores in unpromising locations. Maybe Amazon, Simon and Brookfield Property Group (shopping mall owners) can take a look at JCPenney and come to an agreement in principle in time. However, it will be a major step to preserve the mall structure. Otherwise there might be a domino effect that will close more malls that are viable.

Re: J C Penney Filing Bankruptcy

homedecor1 — Tue, 12 May 2020 02:43:30 GMT

So sad I hope they recover. I buy all my home furnishings over the past 40+ years. They lately have had limited stock which I attributed to pandemic.

Our closest store closed 5 years ago. I don't mind driving a hour to store because at one time I could find what I wanted.

I stopped going last year when returns had to be done in another part of store. Stupid thing, they have only 2 cashier areas for entire store & return area is small with 1 cashier & long lines☹️

Then store hardly had any selections in home section