Embattled retailer JC Penney gets a lifeline from two of the nation's largest landlords in a deal valued around $800 million.
J.C. Penney Co. will pursue a bankruptcy sale to top lenders, including H/2 Capital Partners LLC, that would hand them equity in exchange for their debt claims.
The deal could give the Seattle-based online retail giant more warehouse space to unload and pick up packages closer to consumers, speeding up delivery times.
Sycamore sees JCPenney helping to revive the North Carolina-based Belk, a struggling department store chain with 300 stores located mostly in the South, a source said.
JC Penney says it will close an additional 152 stores and cut 1,000 jobs as it tries to fight its way out from under bankruptcy protection.
Ascena Retail Group, the owner of brands like Lane Bryant and Ann Taylor, is preparing to file for bankruptcy as soon as this week, according to Bloomberg.
Nearly every state and Washington, D.C. recognizes the day as a holiday or observance, although it is not a federal holiday.
JCPenney announces additional store closures after COVID-19 bankruptcy.
Martha Stewart dishes on how retailers and small business owners can pivot to make a comeback during the coronavirus pandemic.
Amazon may be trolling bankrupt retailer J.C. Penney.
J. C. Penney said it had entered into a restructuring support agreement with the lenders.
J.C. Penney made a $17 million interest payment, staving off bankruptcy.
The move comes as Neiman Marcus filed for Chapter 11 bankruptcy protection and J.C. Penney is reportedly preparing to file.
A bankruptcy filing would cap a long decline for the iconic 118-year-old department store chain, which has struggled with a nearly $4 billion debt load and competition from e-commerce firms.
JCPenney filed a temporary restraining order to prevent Sephora from pulling out of its 600 stores.
Loan package with existing lenders could total up to $1 billion
The company’s struggles were compounded in recent days after the coronavirus pandemic forced the closure of 850 J.C. Penney stores.
The embattled retailer lost $93 million in the third quarter.