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...A few weeks ago, there was an outcry after Apollo Global Management offered Yellow Corporation, the recently bankrupt trucking company, a $142.5mn DIP loan that came with a fee as high as $32mn....
...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 $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....
...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.”...
...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
...Four big department store chains — JC Penney, Neiman Marcus, Stage Stores and Lord & Taylor — filed for bankruptcy during the pandemic. Mall traffic has collapsed....
...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...
How the coronavirus outbreak has accelerated the demise of US department stores
Putting zombie retailers to rest will give the wider sector a chance to breathe easier
...Penney enters asset purchase agreement with Brookfield, Simon (Reuters) Siemens agrees to sell Flender to Carlyle Group in $2.4bn deal (Reuters) Insider Inc buys majority stake in Morning Brew in all-cash...
...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...
Department store chain’s move is starkest sign yet of distress in US retail sector
...JC Penney’s competitor Sears, after years among the undead, declared bankruptcy in 2018. Many of its stores remain open....
...JC Penney — one of several retailers that entered bankruptcy during the coronavirus shutdowns and which has also drawn the attention of retail investors — also fell sharply on Wednesday, down more than 22...
...BPY is best known for its investments in “trophy” office properties, such as Canary Wharf in London or Lever House in New York, as well as its “core retail” malls with storied tenants such as JC Penney....
...Other distressed companies including JC Penney, Whiting Petroleum and Chesapeake Energy experienced similar volatility....
JCPenney shares plunge after company delivers ‘more gloom than the grinch’
...JC Penney did not immediately respond to the Financial Times’ request for a comment on the matter....
...Hertz might be the most well-known but Robinhood users have also helped to resurrect the likes of JC Penney (bankrupt), Whiting Petroleum (also bankrupt) and Chesapeake (almost bankrupt)....
...Penney explores bankruptcy as hopes for recovery fade (Reuters) ByteDance looks to hire 10,000 thanks to TikTok boom (FT) NMC creditor files criminal complaint (FT)...
...Covid-19 has not been kind to clothing retailers: Brooks Brothers, J-Crew and JC Penney are among the dozens or even hundreds of businesses that have declared bankruptcy....
...Kohl’s stock closed down 12 per cent and JC Penney 7 per cent. Nordstrom dropped 9 per cent in trading after the bell....
...JC Penney continued to bleed red ink last year, with the struggling US department store operator posting a net loss of $255m, bringing total losses since 2011 to over $4.1bn....
...They came a day after three of the largest department store chains, Nordstrom, Kohl’s and JC Penney, reported sliding sales that sent their share prices tumbling. Other results have been stronger....
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