They are looking at everything to save the company including checking under the couch cushions for change. They've sent letters to the remaining pension participants offering a buyout. If those people are smart they'll take the money and run. When my brother was employed there pension buyouts were always followed by layoffs. I doubt that has changed. I feel bad for the employees. It's got to be gut wrenching not knowing when or if the rug is going to get pulled out from under you.
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Oh and another thing. Why does this company have over 800 locations in 2020? Macys, for example, has been closing poor and marginal locations for several years.
Employees, vendors and bondholders are going to get absolutely soaked if bankruptcy is actually filed.
I'm glad that I left in 2018. I do feel bad for the associates and (some) members of management. It's not all bad news...the successful WATCH retailers are adding employees to keep up with demand.
Ultimately, this company is going to get what it deserves. The downfall began with Johnson in 2012. JCP has been rudderless during this time. Messy stores, unengaged associates and so-so apparel quality are ongoing issues.
As for the members of store management that measure job performance by ICAPS and brown-nosing? Good riddance. Good luck on the job market – you're going to need it. Those managers can F off.