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JCPenney files for chapter 11 bankruptcy protection


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#1 Brad  OFFLINE  

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Posted May 15, 2020 - 2:24 pm

https://ir.jcpenney....ancial-position



#2 len_mullen  ONLINE  

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Posted May 15, 2020 - 4:16 pm

Good riddance. JCP had a great business, hired a consultant to attract a more affluent clientele, lost their old customers, and never won over the new ones.

I have no vendors who treat new customers better than old ones.

 

from https://hbswk.hbs.ed...g-at-j-c-penney
 

Most striking, if you look at J.C. Penney over the long term, it seems to me that they have lost their identity. With more than 1,000 stores and great locations in malls across the country, it used to be the department store for middle-income families, especially for men's and women's apparel, children's ware, and home goods. It was particularly well known for home goods and children's ware. And once the family went there, they also shopped for men's and women's apparel, which accounted for almost half of sales. They had a very strong private label program, and to their credit, previous management had worked hard to manage costs and shorten the supply chain. That was J.C. Penney historically.



#3 magickallight  OFFLINE  

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Posted May 16, 2020 - 2:03 am

Here is the email I received:

 

JCPenney's CEO Explains How the Company is Positioning for the Future

Dear Valued Customer,

I want to thank you for your continued loyalty to JCPenney as we navigate the unprecedented challenges brought on by the Coronavirus (COVID-19) pandemic. As you well know, the pandemic has changed day-to-day life and created a profoundly different reality.

Retailers have been hit especially hard by this economic environment, impacting our Company's ability to meet financial and operational objectives. That is why JCPenney has chosen to pursue a financial restructuring.

We believe this process will give us the financial strength to weather the pandemic and evolve our business while also reducing our debt and increasing our flexibility to better position JCPenney for the future. This will allow us to better serve you, our valued customer.

I want to assure you: JCPenney is NOT going out of business. JCPenney will continue to be one of the nation's largest apparel and home retailers. Our expansive footprint will still include hundreds of stores across the U.S. and Puerto Rico, as well as our online flagship store, jcp.com.

While our stores have been closed during the pandemic, we are now safely and gradually reopening across the country, based on state and local guidelines. Check here to see if a store near you is open, and for more information on the important health and safety measures we have put in place to help ensure a healthy shopping environment.

We remain dedicated to offering you an inspiring shopping experience with the value and quality you expect in both our stores and on jcp.com. We will continue to provide compelling merchandise and offer new services and innovations, including Contact-free curbside pickup at all open stores.

JCPenney has been part of America's communities for more than 100 years, and we look forward to serving our customers for another 100 years.

Thank you for being our valued customer.

Sincerely,
mail?url=http%3A%2F%2Fmi.jcpenney.com%2F

Jill Soltau
Chief Executive Officer
JCPenney


“The more I know about people, the more I love my dog.” ~ Mark Twain.


#4 len_mullen  ONLINE  

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Posted May 16, 2020 - 9:22 am

Wile.E-Coyote-Falling-Down-Animated-Pict



#5 Brad  OFFLINE  

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Posted Jun 4, 2020 - 2:23 pm

List of the first group of 154 stores that will be closing:

 

https://companyblog..../storeclosings/



#6 magickallight  OFFLINE  

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Posted Jun 4, 2020 - 2:42 pm

Oh, yay - we made the list! :(


“The more I know about people, the more I love my dog.” ~ Mark Twain.


#7 Kash  OFFLINE  

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Posted Jun 4, 2020 - 5:53 pm

Oh, yay - we made the list! :(


Thankfully we are not.

#8 speeddiva  OFFLINE  

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Posted Jun 5, 2020 - 6:21 am

Oh, yay - we made the list! :(


Mine too :(

#9 bossy1  OFFLINE  

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Posted Jun 5, 2020 - 8:22 am

Oh, yay - we made the list! :(

one of mine too...we have 2



#10 len_mullen  ONLINE  

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Posted Jun 5, 2020 - 8:36 am

Don't have one.  Haven't been in a JCP store since the 80s.



#11 Brad  OFFLINE  

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Posted Jun 5, 2020 - 4:51 pm

https://www.reuters....i-idUSKBN23C2V9
 
Private equity firm looking to buy JCP. Because private equity has such a good track record in retail...



#12 Kanyon71  OFFLINE  

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Posted Jun 5, 2020 - 6:07 pm

They have an excellent record of making money for themselves gutting the companies.




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