JC Penney, one of our nations oldest department store chains, officially filed for bankruptcy yesterday, Friday May 15th. The store announced it will be running a phase by phase store closure plan. Covid-19 wiped out the small glimmer of hope that was left in the companies hopeful plan for prosperity. JC Penney, as well as many other department stores, have been struggling while online businesses like Amazon and Walmart continue to flourish. JC Penney was founded April 14, 1902 in Kemmerer, WY although it is currently based in Plano Texas. JC Penney currently has 850 stores in 49 US States and Puerto Rico. “The coronavirus pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country,” Chief Executive of JC Penney Jill Soltau said in a statement. The company has $500 million in accessible cash at the moment which will be utilized in continue operations until the closures are announced in the upcoming weeks. Hopefully JC Penney can turn things around in what has already been a remarkable story of a 100+ year old business. The Unapologetic Republican will continue to follow up as more information becomes available. … COMMENT BELOW
The loss of another “anchor store” threatens the existence of shopping malls, as we know them.
Its a shame because of the fears and lock downs so many are losing there businesses.