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...Synchrony Financial, which provides cards for stores such as JC Penney and American Eagle Outfitters, has gained 45 per cent....
Aggressive tactics are seeping into bankruptcy financing
...The business expanded through a 1962 design contract with US department store chain JC Penney and, in 1963, the lower-priced diffusion line Ginger Group....
...The firm had loaned money to the likes of Toys R Us and JC Penney, reporting that such retail loans produced an annualised return exceeding 20 per cent....
...The company had previously reportedly received offers from discount retailer JC Penney, Canadian retailer Hudson’s Bay, and private equity firm Sycamore Partners....
...The list includes household names such as JC Penney, Brooks Brothers, J Crew and Neiman Marcus. Since then, the number of retail bankruptcy filings has reduced sharply, down more than half in 2021....
...When JC Penney filed for bankruptcy protection it had its choice of federal courthouses. Dallas was just 20 miles from the retailer’s corporate headquarters....
...Synchrony Financial, which provides credit cards for stores such as JC Penney, Gap and American Eagle Outfitters, has nearly quadrupled in value over the period to a new peak....
...Nearly a decade ago, Bill Ackman led a group of investors who accumulated a quarter of JC Penney stock before disclosing their arrival on the shareholder register....
...The $41.7bn in annual sales it pulled in before Covid-19 were almost equal to those of Nordstrom, JC Penney and Gap combined. Its $84bn market value dwarfs that of Macy’s by 17 times....
...While his licensing deal with the high street store chain JC Penney in the early ’80s predated the high-street and designer collaborations that are commonplace today, the deal was ill received....
...Simon’s strategy for JCPenney could include cross-selling merchandise of other brands in which it or Authentic Brands had an interest, Mr Simon said: “Those products will find a home in Penney.”...
...It’s perhaps even worse in the US: the ailing JC Penney has closed more than 160 stores, Neiman Marcus has been battling with bankruptcy and restructuring, and other once-mighty names are in trouble....
...US retail investors helped fuel flash manias for bankrupt companies like JC Penney, and more recently for another faltering retailer, GameStop....
...The Fed’s liquidity could not save JC Penney and Neiman, both of which defaulted last year....
Amid the retail reckoning, the mall landlord is buying up its tenants
...JCPenney traces its roots to 1902 when James Cash Penney opened a dry goods store in a Wyoming farming town and went on to become a powerhouse of American retailing, with a reputation for selling quality...
Putting zombie retailers to rest will give the wider sector a chance to breathe easier
...Shares in Hertz, the car hire group, and JC Penney, the US retailer, have more than doubled in value since the start of the month despite both companies wading through bankruptcy proceedings that could end...
...Four big department store chains — JC Penney, Neiman Marcus, Stage Stores and Lord & Taylor — filed for bankruptcy during the pandemic. Mall traffic has collapsed....
Department store chain’s move is starkest sign yet of distress in US retail sector
...The coronavirus pandemic has devastated the retail sector, forcing chains like JC Penney and JCrew into bankruptcy. But Target is not some weird outlier as a resurgent traditional retailer....
How the coronavirus outbreak has accelerated the demise of US department stores
...JC Penney’s competitor Sears, after years among the undead, declared bankruptcy in 2018. Many of its stores remain open....
...Synchrony Financial, which provides credit cards for stores such as JC Penney, Gap and American Eagle Outfitters, has seen its fortunes sink in tandem with the US retail sector, with profits sharply lower...
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