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In November, the U.S. Bankruptcy Court for the Southern District of Texas approved a purchase agreement in which substantially all of J.C. Penney’s retail and operating assets would be acquired ...
The retailer said it plans to close additional stores through bankruptcy. Based in Plano, Texas, the retailer was founded more than a century ago as one of the country’s first department stores.
In 2017 alone, more than 12,000 physical stores closed. The reasons included debt and bankruptcy in the face of rising costs, leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession, [3] and changes in spending habits.
The 118-year-old department store JCPenney is the latest to file for bankruptcy protection amid the coronavirus pandemic. The Texas based retailer has accrued nearly $4 billion in debt and will ...
The chain filed for its second bankruptcy and liquidation on August 7, 2019, [13] closing the remaining 54 stores [14] with plans to auction its intellectual property. [15] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [16] The shoe chain emerged from bankruptcy two years later. [17]
Exterior of the JCPenney store at the Stonebriar Centre in Frisco, Texas (2013) JCPenney headquarters in Plano, Texas (2014) In 2010, Vornado Realty Trust acquired a 9.9% stake in JCPenney but sold it in 2013 for $13.00 per share. [37] On January 24, 2011, JCPenney shut down its catalog business and 19 outlet stores. [38]
More store closings have been announced for JCPenney, including a Mississippi and Texas store. The department store chain has closed 174 stores. JCPenney closing more stores after bankruptcy.
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