• J.C. Penney’s landlords strike deal to rescue it from bankruptcy

    J.C. Penney’s landlords strike deal to rescue it from bankruptcy

    J.C. Penney’s landlords reached a tentative deal to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said during a brief court hearing Wednesday. Mall owners Simon Property Group …
  • Ailing J.C. Penney waits to be rescued as sale talks stall

    Ailing J.C. Penney waits to be rescued as sale talks stall

    J.C. Penney’s talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders. Discussions between the Plano, Texas-based retailer and a duo of mall owners Simon Property Group and Brookfield Property …
  • Sycamore Partners’ bid for bankrupt JCPenney opposed by workers’ group

    Sycamore Partners’ bid for bankrupt JCPenney opposed by workers’ group

    Sycamore Partners should not be allowed to buy JCPenney out of bankruptcy because of its long history of closing stores and decimating jobs, a worker advocacy group said Tuesday. A group of current and former retail workers from Toys ‘R’ Us, Kmart, Sears and other bankrupt retailers are sounding the alarm about the Big Apple-based …
  • Sycamore Partners offers $1.75B for JCPenny with plan to grow Belks

    Sycamore Partners offers $1.75B for JCPenny with plan to grow Belks

    The private equity firm that backed out of a deal to buy Victoria’s Secret in the midst of the coronavirus pandemic appears poised to win an auction to buy JCPenny out of bankruptcy, The Post has learned. Big Apple-based Sycamore Partners has offered $1.75 billion to buy the 118-year-old department store chain with plans to …
  • JCPenney to cut 1,000 jobs, shutter 152 stores

    JCPenney to cut 1,000 jobs, shutter 152 stores

    JCPenney said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the US department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis. The layoffs would affect corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in …
  • Private equity firm in talks to buy JCPenney, shares up 55 percent

    Private equity firm in talks to buy JCPenney, shares up 55 percent

    Private equity firm Sycamore Partners is in preliminary talks to acquire JCPenney out of bankruptcy should the US department store chain’s negotiations with its creditors fail, three people familiar with the matter said on Friday. Shares of JCPenney jumped almost 55 percent on the news. JCPenney, which employs roughly 85,000 people, filed for bankruptcy protection …
  • JCPenney to permanently close 242 stores amid bankruptcy

    JCPenney to permanently close 242 stores amid bankruptcy

    JCPenney plans to trim its store count by 29 percent, to about 604, as the US department store chain looks to focus on those more profitable, a regulatory filing showed on Monday, two days after it filed for bankruptcy protection. The stores to stay open accounted for 82 percent of the company’s fiscal 2019 sales, …
  • JCPenney files for bankruptcy protection amid coronavirus woes

    JCPenney files for bankruptcy protection amid coronavirus woes

    JCPenney filed for bankruptcy protection on Friday, the latest among traditional brick-and-mortar retailers to crumble as prolonged store closures due to the COVID-19 pandemic deliver the final blow to troubled businesses. The department store chain, known for selling family apparel, cosmetics and jewelry at roughly 850 locations, said it reached an agreement with creditors for …
  • JCPenney’s stock soars after it makes $17 million interest payment

    JCPenney’s stock soars after it makes $17 million interest payment

    JCPenney shares surged after the retailer said it has made a $17 million interest payment that was due May 7. The announcement eased fears that the struggling retailer is headed for a bankruptcy filing soon, sending its shares up nearly 30 percent in afternoon trading, to 25 cents. The once-mighty department store chain has been …
  • JCPenney could file for bankruptcy next week, even as some stores reopen

    JCPenney could file for bankruptcy next week, even as some stores reopen

    JCPenney is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major US retailer to succumb to fallout from the coronavirus outbreak, according to people familiar with the matter. A bankruptcy filing would cap a long decline …