JCPenney filed for bankruptcy.
reports that JCPenney filed for Chapter 11 bankruptcy protection today and plans on permanently closing select locations. reports. More recently, the company "racked up an unsustainable amount of debt" and in order to survive bankruptcy, the chain will close an unspecified number of stores from its portfolio of 845 locations. Moody's Investor Service reports that JCPenney has $4.2 billion in debt, though CNN has the number at $3.6 billion.
"Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come," CEO Jill Soltau said in the statement.JCPenney is 118 years old. Since 2011, the chain has closed 20% of its stores and had announced store closures as recently as February 2020, before the coronavirus pandemic closed most of its locations.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
J.C. Penney files for Chapter 11 bankruptcy, plans some permanent store closingsJ.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy.
Lire la suite »
JCPenney files for bankruptcyJUST IN: JCPenney has filed for bankruptcy. The coronavirus crisis was the final blow to the 118-year-old company struggling to overcome a decade of bad decisions, executive instability and damaging market trends.
Lire la suite »
Celeb Law Firm Refuses Hacker Ransom as Lady Gaga Files Leak“The leaking of our clients’ documents is a despicable and illegal attack by these foreign cyberterrorists,” rep for Grubman Shire Meiselas & Sacks says
Lire la suite »
Amazon files lawsuit over 'widespread tech support fraud' targeting Alexa usersAmazon alleges two companies — Robojap Technologies and Quatic Software Solutions — and several of their purported employees scammed Amazon users by offering to help set up Alexa on their devices through 'fraudulent websites and applications.'
Lire la suite »
Jordan seeks State Department files on Burisma, after release of new emailsEXCLUSIVE: The top Republican on the House Judiciary Committee on Thursday requested that Secretary of State Mike Pompeo release all documents related to the Ukrainian natural gas firm Burisma Holdings, where Hunter Biden sat on the board, after emails indicated that the former ambassador to the country may have known more about the firm than she acknowledged during Trump impeachment proceedings.
Lire la suite »
Intelsat Files for Bankruptcy Ahead of Spectrum AuctionSatellite operator Intelsat filed for bankruptcy protection after falling short of the cash it needed to make airwaves available to be sold to wireless operators in a coming government auction.
Lire la suite »