Economy US economy adds 2.5m jobs in May, unemployment rate falls to 13%.

brackis1 said:
lol this is the biggest word vomit.

P.S. JC Penney has been in a bankruptcy tailspin for years what is this?
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Fluffernutter said:
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Apparel businesses were among the hardest hit by the COVID outbreak. I've seen half a dozen news reports about this. Specifically, the ones that weren't allowed to remain open. I previously cited a report with comments by executives at Amazon, Wal-Mart, Target, and Best Buy that all of their businesses had seen a huge uptick in discretionary spending on electronics, toys, sporting goods, and yes-- apparel-- only after those checks were distributed to the public.
 
Madmick said:
Apparel businesses were among the hardest hit by the COVID outbreak. I've seen half a dozen news reports about this. Specifically, the ones that weren't allowed to remain open. I previously cited a report with comments by executives at Amazon, Wal-Mart, Target, and Best Buy that all of their businesses had seen a huge uptick in discretionary spending on electronics, toys, sporting goods, and yes-- apparel-- only after those checks were distributed to the public.
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lol get real dude of all the retailers you picked the one that was going to close a shitload of stores regardless.
If anything you should be celebrating this burning of deadwood retail in blighting malls as their company restructures (JCP)
 
brackis1 said:
lol get real dude of all the retailers you picked the one that was going to close a shitload of stores regardless.
If anything you should be celebrating this burning of deadwood retail in blighting malls as their company restructures (JCP)
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J.C. Penney considering bankruptcy as coronavirus hurts department stores
J.C. Penney is considering filing for bankruptcy protection as the retailer grapples with the fallout from the coronavirus pandemic and its own long-in-the-making struggles.

The Plano, Texas-based company is exploring the possibility along with a range of other options, including out-of-court debt restructuring, according to a person familiar with the deliberations who was not authorized to speak publicly.

Reuters first reported Tuesday that J.C. Penney was considering the bankruptcy filing to "rework its unsustainable finances and save money on looming debt payments" in hopes of continuing operations.

With all of its stores temporarily closed because of the coronavirus, J.C. Penney is bleeding cash while it awaits the chance to get back on its feet.

“JCPenney has been engaged in discussions with its lenders since mid-2019 to evaluate options to strengthen its balance sheet and maximize its financial flexibility, a process that has become even more important as our stores have also closed due to the pandemic," the retailer said in a statement. "We remain focused on our Plan for Renewal and look forward to when we reopen our doors.”
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J.C. Penney files for bankruptcy protection, becoming the latest — and biggest — retail casualty of the coronavirus pandemic
“The coronavirus pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," said Penney's CEO Jill Soltau in a statement. “As a result, the American retail industry has experienced a profoundly different new reality, requiring J.C. Penney to make difficult decisions in running our business to protect the safety of our associates and customers and the future of our company. “

Many experts are skeptical about Penney’s survival even as it sheds its debt and shrinks the number of its stores. Its fashion and home offerings haven’t stood out for years. And moreover, its middle-to-low income customers have been the hardest hit by massive layoffs during the pandemic. Many of them will likely shop more at discounters — if they shop at all, analysts say.

“This is a long, sad story,” said Ken Perkins, president of Retail Metrics, a retail research firm. “Penney offers no reason to shop there compared to its competitors, whether it’s Macy’s or T.J. Maxx or Walmart. How are they going to survive?”

Penney said that it has $500 million in cash on hand and has received commitments of $900 million in financing to help it operate during the restructuring. It said that it will be looking at different options, including the sale of the company. The restructuring should reduce several billion dollars of its debt and provide more flexibility to navigate the financial fallout from the pandemic, Penney said.
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Pandemic Claims Yet Another Retailer: J.C. Penney
NEW YORK (AP) — The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate.

As part of its reorganization, the 118-year-old company said late Friday it will be closing some of its stores and will disclose details and timing in the coming weeks.

It operates 850 stores and it has nearly 90,000 workers. It said that it received $900 million in financing to help it operate during the restructuring.

Penney joins luxury department store chain Neiman Marcus, J.Crew and Stage Stores in filing for bankruptcy reorganization. Plenty of other retailers are expected to follow.

Many experts are pessimistic about Penney’s survival even as it sheds its debt and shrinks the number of its stores. Its fashion and home offerings haven’t stood out for years. And moreover, its middle-to-low income customers have been the hardest hit by massive layoffs during the pandemic. Many of them will likely shop more at discounters — if they shop at all, analysts say.
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simple_jack_poster460.jpg
 
Madmick said:
J.C. Penney considering bankruptcy as coronavirus hurts department stores

J.C. Penney files for bankruptcy protection, becoming the latest — and biggest — retail casualty of the coronavirus pandemic

Pandemic Claims Yet Another Retailer: J.C. Penney


simple_jack_poster460.jpg
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Ahh yes, your simple jack response where you quote some random headline linking the timing.
Have you ever looked at the JCP chart? It had reverse split and was trading at Bankruptcy for literally years. Ascena retailers closed a shitload of stores right before the pandemic too, similarly reverse-split and priced for BK at 1/10th yearly revenue market cap.

go home you have no idea lol.
 
brackis1 said:
lol get real dude of all the retailers you picked the one that was going to close a shitload of stores regardless.
If anything you should be celebrating this burning of deadwood retail in blighting malls as their company restructures (JCP)
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Man you are getting embarrassed. Ouch. Take the L and move along
 
Madmick said:
J.C. Penney considering bankruptcy as coronavirus hurts department stores

J.C. Penney files for bankruptcy protection, becoming the latest — and biggest — retail casualty of the coronavirus pandemic

Pandemic Claims Yet Another Retailer: J.C. Penney


simple_jack_poster460.jpg
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Jcp was about to hit bankruptcy before Covid. The timing may have been accelerated by Covid, but not by much - they sued one of my firm's clients six months ago, and we've been anticipating this bankruptcy filing from the outset, and within this timespan.
 
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Kandyland said:
Well, that's what happens during a GLOBAL PANDEMIC, but I get you're going more toward the TDS route and it's Trumps fault.
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The only one bringing up TDS or Trump is you bud.
 
It's hilarious the role reversal we've all taken in just 4 years. Now the right is blindly defending employment figures they were previously calling fake under Obama (no material changes to how those figures are compiled under Trump) and the left is now skeptical of figures of they were blindly defending under Obama.

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cincymma79 said:
Well maybe rioters will help them clear out inventory
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It would actually be the best thing for their company.
Take a full price insured writeoff of inventory.

This saved Katina stores that didnt have flood insurance.
 
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