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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 ...
Unlike those other aforementioned businesses, retail was in an apocalypse before the pandemic.
Senior Partner at law firm Kirkland & Ellis LLP Jonathan Henes joins Yahoo Finance’s Zack Guzman to break down the current outlook for bankruptcies amid the COVID-19 pandemic.
2,500 – all stores in North America and Puerto Rico (2019) Filed February 2019 Emerged January 2020 (second bankruptcy) 700 (Latin and Central America, Caribbean, Southeast Asia, Middle East and India) [55] [56] Pier 1: 2020 Remaining 942 stores Filed February 2020 None [57] Neiman Marcus: 2020 6 Filed May 2020 37 [57] [58] [59] Tuesday ...
That year, the company adopted the JCPenney style in advertising. [16] and its revenues reached $5 billion (equivalent to $37.6 billion in 2025) for the first time and catalog business made a profit for the first time. [17] JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments. [17]
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]
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 ...
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 ...