hearing layoffs on the 15th. big wigs at Corporate and District level. Watch out boys and girls
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who got let go at corporate?
The stores seemed to be struggling since before malls were forced to close and with shopping malls closing again it will take a lot of effort for stores to get sales. How can they make money on back to school sales when in person classes are cancelled. Unfortunately this could mean more layoffs.
Liquidation may not happen immediately. I think the dominoes are going to start falling in early 2021. Barring a miraculous turnaround with COVID, Q4 is going to be hopeless. The stores are already running on a skeleton staff with few customers, especially in areas where things are shutting down again.
Quarter 4 is going to a reality check for much of retail. Poorly run department stores will be destitute.
Anyone think they will liquidate all stores?
"To match its shrinking store-base, J.C. Penney said Wednesday it will lay off about 1,000 workers, in roles that include corporate and international positions. Those workers will receive a benefits package that includes severance and health-care coverage for eligible associates." Let's see how all this plays off.
https://www.dallasnews.com/business/retail/2020/07/15/jc-penney-and-its-lenders-tell-court-they-need-a-couple-more-weeks-to-negotiate-its-future/
The way they are going about it is very questionable!
I won’t be surprised if they find themselves in legal trouble over the mishandling.
Any word on when the stores will hear of restructuring?
that's the story I'm hearing.
So tomorrow?