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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 long struggling department store JCPenney filed for bankruptcy on Friday, becoming the third major retailer following J.Crew and Neiman Marcus to restructure its debt as the coronavirus ...
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The chain filed for its second bankruptcy and liquidation on August 7, 2019, [12] closing the remaining 54 stores [13] with plans to auction its intellectual property. [14] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [15] The shoe chain emerged from bankruptcy two years later. [16]
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.
That year, the company adopted the JCPenney style in advertising. [14] and its revenues reached $5 billion (equivalent to $37.6 billion in 2024) for the first time and catalog business made a profit for the first time. [15] JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments. [15]
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 JCPenney mother store in Kemmerer, Wyoming. In 1898, Penney began working for a small chain of stores in the Western United States, called the Golden Rule stores.In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him a one-third partnership in a new store he would open.