https://www.usatoday.com/story/money/2020/08/31/jcpenney-liquidation-risk-chapter-11-bankruptcy/3446269001/
The NY TImes reports that Penney's is 10 days from liquidation if they can't find someone to buy the chain
I would have thought they'd have picked up some Sears business but clearly it isn't enough
Big mall owners are apparently going to rescue Penney's for now, at least https://www.cnbc.com/2020/09/09/simon-brookfield-to-save-jc-penney-from-bankruptcy-keep-650-shops.html
"Famous house brands Kmart sells/ sold at one time: Martha Stewart Living, Jaclyn Smith, Kathy Ireland, Route 66, Canyon, Essential Home, Essential Garden, Adam Levine, Niki Minaj, Basic Editions, Holiday Editions, Trim-a-home, totally ghoul, be thankful, Easter jubilee, smart sense, American fare, bench top, Northwest Territories, country living, b-ngo, piper, piper kids, joe boxer, plus sears brands sold at Kmart like: kenmore, diehard, craftsman. Someone else jump in...this is from the top of my head. Damn, I guess 12 years at the Big K I saw my fair share of brands lol."
LOL many, many of those brands were never that big! Martha Stewart, Jaclyn Smith and Adam Levine were your biggest names. Basic Editions was cheap junk, Route 66 did pathetic in sales. No one bought Smart Sense, Trim-a-home was only for Christmas that people bought the day after. American Fare went bankrupt after Kmart closed the hypermarts baring the name. The only thing that was worth value was Craftsman, diehard, and Kenmore, because look how well they're doing in other stores.
No eccentric billionaire bailout.
Can you imagine if Eddie had bought JCP? We’d be in monetize asset phase still. Selling real estate, clandestine closings, offshore tax havens, sparrow mezzanine loans, everything that can be an LLC would be...
Kmart could have been gone 18 years ago and they still haven’t all closed. JCP could be swiftly closed by Christmas or so. I’d wager dollars to doughnuts that Guam Kmart is still open after the 1st of the year.
Famous house brands Kmart sells/ sold at one time: Martha Stewart Living, Jaclyn Smith, Kathy Ireland, Route 66, Canyon, Essential Home, Essential Garden, Adam Levine, Niki Minaj, Basic Editions, Holiday Editions, Trim-a-home, totally ghoul, be thankful, Easter jubilee, smart sense, American fare, bench top, Northwest Territories, country living, b-ngo, piper, piper kids, joe boxer, plus sears brands sold at Kmart like: kenmore, diehard, craftsman. Someone else jump in...this is from the top of my head. Damn, I guess 12 years at the Big K I saw my fair share of brands lol.
@ezw correct. Amzn will be worth 6k per share within 4 years and transformholdco (thc) if it had a stock ticker will be worth... whatever one imagines. I believe it is and was worth nada.
I went into the Brandon fla Sears today. the Auto service was open and there was about 5 sales people in the whole store and two Elderly customers. I must say they did have a good assortment of shoes both men and women. And the clothing department both men and women was well displayed and good assortment as well. No Electronics and the Appliances were just put out on the floor. It was so eerie to walk around the store and like no one was around . the sales person said that he did not expect the store to be open long the rent was 40,000,00 a month and the daily receipts are like under 4,000,00 a day. to hit 5 thousand in a day is a good one.
@ubc+16JqDiVO - when our local JCP started selling appliances they hired one of our most useless sales persons to manage their appliance department. He never took responsibility for his errors, always left it to a co-worker to correct. When his shift was ending he would sit on one of the training computers for 15 minutes so he could punch out within the 6 minute window without incurring a early punch out window.
Maybe Eddie can put in a bid and save JC Penny as well! At this point he could buy it dirt cheap and as part of the transformco empire he could finally compete with the big boys
@ezw+16JqDiVO I'd add Target to that too otherwise I'd agree.
COVID just sped up the process of transition to fully on-line away from B&M. Couple years - 3 companies left: Amazon, Apple & Walmart
When JCP tried to sell appliances a few years ago I thought it would be good for them.. but things just went downhill for them right after that.
The old school brick and mortar department stores like Sears, Macys and Pennys are losing out to online retailers and other retailers.....The pandemic has not helped matters either. Shoppers have been buying online at retailers such as Amazon while stores were closed down due to Covid restrictions.