J.C. Penney to file for bankruptcy as soon as next week

[Steve]

I'm not convinced they're done for. At a minimum, I give them better odds than Sears (though that's a VERY low bar). While the turnaround was FAR from complete, there were some positives coming out of there before COVID-19. Was it enough to start righting the ship? We'll never know.

Looks like they're able to leverage their real estate for $900M in cash. They'll then use this to pay off debt and keep some stores open. This isn't a panacea, but could buy them some time to let their plan take effect. They likely have one more major shot.

[jaxlongtimer]

Which private equity firm has ran JC Penney into the ground?

Point noted and clarification called for.

JCPenney's management was controlled by a hedge fund at one point but the company was already highly leveraged, following the the private equity model.  Thus, while remaining a publicly held company, it differed from most of its private equity competitors in form, but not in substance.  Here is a good overview of the role of private equity in the retail sector, comparing JCPenney to others taken private: https://prospect.org/coronavirus/unsanitized-jcpenney-follows-private-equity-sinks-into-bankruptcy/

... you can't cherry-pick one company and absolve the failed PE business model. According to the Wall Street Journal, 27 of the 38 retailers with the "weakest credit profiles" are private equity-owned. The incredible debt burden placed on these firms made them inflexible amid industry changes. And that was JCPenney's problem too; its downfall mirrored the tell-tale signs of a private equity portfolio company....

[Steve]

Here's an interesting scenario:

https://wwd.com/business-news/retail/amazon-j-c-penney-1203635977/

[sandyshoes]

I noticed that this thread's original poster's post is gone...Florida Power and Light's posts can be a little challenging to follow, but he/she has a voice and is using it to the best of their ability.

[Steve]

I noticed that this thread's original poster's post is gone...Florida Power and Light's posts can be a little challenging to follow, but he/she has a voice and is using it to the best of their ability.

There were two threads - merged into one.

[Megabox]

They just made a list of store closings this summer. The JCPenney's at Regency Square Mall will close. The ones at the Avenues and Orange Park Mall will remain.

[thelakelander]

The nail in the coffin was already in place for Regency but you can now toss the dirt on it.

[Charles Hunter]

Maybe they can put bunk beds all through Regency Mall to house the people coming to Lenny's RNC.