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...Protracted fights between creditors and companies (let alone between one group of creditors and another) are time-consuming and expensive for a company that is facing liquidation....
...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 $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....
...Simon chairman and chief executive David Simon, son of co-founder Mel Simon, says the series of investments allowed the company to buy retailers’ merchandise, brand value and other assets at a bargain....
...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...
...The company plans to “evaluate certain strategic alternatives”, including possibly filing for bankruptcy....
...Now the only solution businesses have to keep afloat is to borrow more, which can only lead to one result: even more heavily indebted companies....
...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...
...The company’s debt has cratered in value....
...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...
...The point is not that JC Penney can avoid bankruptcy forever. It may not, or may yet pull off a turnround. But the Fed has extended the process, as it has for thousands of other companies....
...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...
...Other distressed companies including JC Penney, Whiting Petroleum and Chesapeake Energy experienced similar volatility....
...Neiman Marcus, JC Penney, Pier 1 and J Crew have all filed for bankruptcy this year. But they are hardly alone. With each new day more and more high street shops and restaurants are closing....
...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....
...The company was “working with speed” on a turnround, she said....
...This week has seen Lord & Taylor seek Chapter 11 protection, following similar moves from department stores Neiman Marcus and JC Penney in May....
...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)....
...JC Penney did not immediately respond to the Financial Times’ request for a comment on the matter....
...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....
...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)...
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