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Saturday, May 16, 2020

JC Penney is filing for bankruptcy

J.C. Penney is planning to file for bankruptcy protection, people familiar with the matter tell CNBC.

Its advisors are currently working on a bankruptcy filing that could come early Friday morning, they said. They cautioned there is still a chance that final negotiations between the retailer and its lenders spill into the weekend and delay the filing.

J.C. Penney employed roughly 90,000 full-time and part-time employees as of February. It is working on a plan that would contemplate closing 180 to 200 stores while in bankruptcy. The retailer had 846 department stores as of February.

The Plano, Texas-based retailer is planning on filing for bankruptcy in Corpus Christi, Texas, the people said. It has been negotiating with its first lien lenders a $450 million loan to finance the bankruptcy, which would require the troubled retailer to hit certain goals to receive the second half of it, CNBC previously reported.

Because it is working so quickly to finalize its bankruptcy documents, it may not get them all done in time to draw from the initial funds its first day in bankruptcy. As such, it may need to wait until a June 2 court hearing to begin drawing from the loan, the people said.

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8 comments:

Jane said...

Well then I'm not going to pay my Penny's bill either!

Anonymous said...

That's too bad.Now I can't find clothes that stop just short of being big enough to fit me.

Anonymous said...

Hahaha, I feel u brother.

Anonymous said...

Very sad

Anonymous said...

Well the Middle Class dream they were selling is done. Wal-Mart better represents what America has become. Proletariat shopping for every wage slave.

Anonymous said...

If the CEO brought back exceptional customer service they would be the best around.

Anonymous said...


I don't think this is the end of them.. just re-organizing financially (again) because of the democrats' shutdown.
They will still be there.. support them if you want to see them survive.
I sure do. I hate the idea of Amazon/Walmart being the only options.

Anonymous said...

AGAIN !!! No big deal for them , they Not going anywhere !!! CH 11

Just writing Off their Bills again !!!!