I feel for the people who were just notified that their store is closing but we will all be in their shoes soon enough. It should be obvious to everybody by now that JCP is beyond saving. They'll try to slow down the bleed by closing more and more stores until there is nothing left to close. This company is the Titanic and if you want to get on the life rafts, you better leave now.
6 replies (most recent on top)
Their downtown Williston, ND store didn't close either, interestingly. I worry it is only a matter of time, before stores like that one and Kemmerer have to close. Their downtown stores in Petoskey, MI, and Delano, CA are closing in the just announced round of 154 stores, sadly to say.
I went on disability in 1999 and cashed in my stock in the low $70’s. Now it’s at 36 cents? Nobody or nothing lasts forever!
JCPenney, for one, was facing imminent Chapter 11 filing after missing two recent loan payments (out of its total $4.3 billion debt load). It made one interest payment on Friday, but is still teetering on bankruptcy. It couldn’t be helped that the century-old department store paid its top four executives millions of dollars as a “please stay” bonus, the company revealed in an SEC filing on Sunday.
JCPenney said the bonuses were part of a compensation plan approved by the company’s board, under which CEO Jill Soltau was paid $4.5 million. Meanwhile, chief financial officer Bill Wafford, chief merchant Michelle Wlazlo and chief human resources officer Brynn L. Evanson each received $1 million.
The board argued in the filing that the bonuses were necessary to retain the management team and keep them motivated “through the volatile and uncertain environment affecting the retail industry” right now and that they came with strings attached. Under the agreement, the four executives will have to repay 80 percent of the bonuses if they are “fired for cause” or resign before January 31, 2021. They will also have to repay the other 20 percent unless meeting specific performance goals.
Yes, look at Sears and then you will know Jc penny’s fate.
All this happen based on Corporate greed, bad decision makers, why Corporate as a whole never asked their employees on there take as where JCP should go, meaning ask your employees whose out in the front line meeting and greeting customers. Now the good has to suffer for the bad, JCP should have been jumped into small produce stores and grow from there, to much competition online and AMAZON is unstoppable, I work at JCP and order clothes online that should tell you something. On leaving bless your employees instead of those huge payouts to Corporate Greed.
I am honestly surprised the kemmerer wyoming (The Mother Store) wasn’t on the list. JCP is still operating their original store (which I cant imagine is very profitable). It will be a sad day when they eventually close this historic monument. ☹️