Close Menu
  • Home
  • News
  • News and Politics Videos
  • Funny Shirts
  • Newsletter
Facebook X (Twitter) Instagram
Byberry News
Byberry News
Home»News»JCPenney files for bankruptcy, will close about 240 stores

JCPenney files for bankruptcy, will close about 240 stores

By Frank BojaziMay 20, 2020Updated:June 15, 2023 News
Facebook Twitter Email

JCPenney filed for Chapter 11 bankruptcy protection. The retail company plans to close 30% of its locations. According to the company’s presentation with the Securities and Exchange Commission, they will close about 240 stores. Should these closings come through, the 846 stores will go down to 604 locations, causing a drop of net store sales from $9.2 billion to $7.5 billion.

According to Business Insider, the company planned to close stores in weaker malls. By doing this, they’d be increasing the share of locations in more substantial malls from 58 to 62%.

Reuters cited a JCPenney spokeswoman stating that the company is engaged in discussions with its lenders since mid-2019. This is to evaluate their options in strengthening their balance sheet and maximize financial flexibility.

By filing for Chapter 11 Bankruptcy Protection, they’ve secured time to restructure their debts. The company needs to make a $12 million payment on Wednesday, followed by a $105 million bond repayment due in June. They will also have to contend with about $300 million in annual interest. According to the regulatory filings, JCPenney will face more than $2 billion of debt maturing in 2023.

In March, the company already drew down $1.25 billion from its revolving credit line. They’ve been unsuccessful in persuading creditors earlier in restructuring and pushing out due dates on portions of their nearly $4 billion long-term debt.

Fitch Ratings Inc. predicts the company’s revenue to go down by 25% this year. They’ve predicted that the JCPenney’s earnings before interest, taxes, depreciation, and amortization will become “materially negative” to the tune of $400 million in 2020.

Investors are now worried as the company’s bonds in 2023 were swinging at a troubling amount of roughly 43 cents on the dollar this Tuesday. According to Refinitiv Eikon Data, this plunge indicates investor concerns about its ability to pay its debts.

Was America better with Donald Trump?*
This poll gives you free access to our premium politics newsletter. Unsubscribe at any time.
This field is for validation purposes and should be left unchanged.
RSS Sports Blog
  • Browns sign 38-year-old QB Joe Flacco; Jets fly with Tim Boyle, who has sucked his whole career
  • “THISmas”: Some company just put out the worst Christmas ad ever, and I’m shaking my head so hard it may fall off
  • Atlanta will host 2025 MLB All-Star Game, years after it was moved out of town thanks to politics
  • Rep. George Santos allegedly spent campaign funds on OnlyFans and Botox and I can’t stop laughing
  • This guy’s workout video is insane and a little bit terrifying, but I’m impressed
  • YouTubers who harass people in public belong in JAIL
  • Bud Light allegedly paid $185,000 for the worst marketing disaster I’ve ever seen
  • The Rock backtracks when asked: “Do you really have friends who support Biden?”
  • Browns Deshaun Watson to have season ending surgery. I wonder if he gets a massage to help him recover
  • We finally have a news story where saying BYE FELICIA is appropriate and I can’t believe what happened
RSS Food Blog
  • Got farted on at the gym, so naturally I cooked garlic butter steak and rice to make up for it
  • AXO in NJ has Tacos, Queso Fundido, and Birria Ramen, but the chili oil had me sweatin’
  • There’s only three places I’d get garlic crabs from in Philly/South Jersey and here they are
  • Jo Koy’s perfect rice method DOES work in the cooker, I just screwed it up so bad
  • Gordon Ramsay wasn’t kidding about the one ingredient to make perfect scrambled eggs
RSS Celeb Gossip Blog
  • Adidas and Beyonce part ways after failed clothing line suffers sloping sales
  • “62 million views isn’t bad for a multi-cancelled has been”: Roseanne Barr is BACK
  • ‘We got a new man…’: Whoopi Goldberg announces newest member of ‘The View’
  • ‘Please return to Yellowstone’: fan pleads after Kevin Costner’s latest update
  • Linda Hamilton will join Stranger Things in season 5
  • Al Pacino, 83, goes on date night with girlfriend who’s 29 and just had his baby
  • Country star wins top award, hangs around to help clean up
  • Don Lemon says he’s been FIRED from CNN
  • Tucker Carlson is out at Fox News
  • They Aren’t Ordering: Country star drops Bud Light from Nashville bar
RSS Gaming Blog
  • GTA 6 voice actor may be hinting at a reveal coming soon (video)
  • A summary of the Grand Theft Auto game series
  • A Halo game series history summary
  • Cain, the dog from Red Dead Redemption 2, passed away in real life
  • Gaming company Electronic Arts disappoints ‘woke’ crowd, refuses to speak out on every progressive topic
  • Playstation says they’re working on competitor to Xbox Game Pass
  • 343 Industries Head of Creative reveals Halo Infinite multiplayer to get new weapons
  • Here’s how BOTS are ruining your chances of getting a Playstation 5 console
  • Rockstar takes this one on the chin, apologizes for disastrous release of GTA Trilogy
  • Halo Infinite Campaign co-op and Forge face delays until NEXT YEAR
Facebook
  • About
  • Editorial Team Info
  • Ownership & Funding Info
  • Corrections Policy
  • Ethics Policy
  • Fact Checking Policy
  • Terms of Service
  • Privacy Policy
  • Write for Us
  • Trending News Videos
  • News Community
© 2023 Byberry Daily News and Politics

Type above and press Enter to search. Press Esc to cancel.