JCPenney Files for Bankruptcy

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JCPenney Files for Bankruptcy Davis ## Reporter 05/17/20 (Sun) 05:20:32 1dbc2d No.258721

By Chris Isidore and Nathaniel Meyersohn

https://muckrack.com/nathaniel-meyersohn

JCPenney filed for bankruptcy on Friday, the latest retail giant to see its downfall hastened by the coronavirus crisis. The pandemic was the final blow to a 118-year-old company struggling to overcome a decade of bad decisions, executive instability and damaging market trends.

The company said it has an agreement with most of its lenders on the turnaround plan that will allow it to stay in business as a more financially healthy company, but will include closing an as yet unannounced number of its 846 stores. As part of the turnaround process JCPenney arranged to borrow an additional $450 million from those lenders to pay for operations during the reorganization.

The company blamed the Covid-19 pandemic for the need to file bankruptcy.

https://www.ksat.com/news/local/2020/05/16/jcpenny-files-for-bankruptcy/

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Anonymous 05/17/20 (Sun) 08:36:41 a3dec0 No.258726

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>>258721

JCPenney was the "anchor store" for many shopping malls across America. The Plandemic™ was the best thing to ever happen to Amazon and Walmart. JCP won't be the first business to go under from this. That said, with JCP being an anchor store, most malls will go out of business entirely. Being an 80's kid, it's really a culture shock for me to watch the Empire crumble around me.

Disclaimer: this post and the subject matter and contents thereof - text, media, or otherwise - do not necessarily reflect the views of the 8kun administration.