According to Placer.ai, despite being down year over year, Kohl’s stores are 2020 winners versus key rivals, particularly in the holiday season.
j c penney
J.C. Penney said that the U.S. Bankruptcy Court for the Southern District of Texas has approved the previously announced asset purchase agreement with Brookfield Asset Management, Inc., Simon Property Group and the company’s DIP and First Lien Lenders, which is supported by the unsecured creditors committee.
J.C. Penney is kicking off holiday shopping in mid-October with new brands and deals to get customers in the spirit of saving, offering Black Friday pricing throughout November, and capping off with value on all holiday gifts through December.
Joshua Sussberg of the law firm Kirkland & Ellis, representing J.C. Penney, has told the United States Bankruptcy Court for the Southern District of Texas that Simon Property Group and Brookfield Property Partners had signed a non-binding but fully executable letter of intent for the purchase of J.C. Penney.
Despite talks, J.C. Penney has not been able to reach a deal with landlords and so lenders may wind up taking the company over.
Mall operator Simon Property is in talks with Amazon to occupy space exited by consolidating department store and mid-tier retailer chains such as J.C. Penney, according to a Wall Street Journal report.
Sycamore Partners is reportedly the leader in an auction for J.C. Penney— and if the bid is successful, the private equity firm will merge the department store retailer with Belk, according to published reports.
J.C. Penney has decided to close its Manhattan Mall location in New York’s Herald Square.
A team of disposition firms consisting of Gordon Brothers, Hilco Merchant Resources, Great American Group and Tiger Group have commenced store closing sales at 137 J.C. Penney stores across the U.S. The closures are the company’s first step in implementing a planned store optimization strategy.
Today, May 20, J.C. Penney has reopened 34 Texas stores, 12 Florida stores, 11 Ohio stores, and seven Indiana stores bringing the total it has operating to 153 after temporarily closings due to the COVID-19 pandemic.
J.C. Penney stated in a bankruptcy court document that it must emerge from Chapter 11 quickly in preparation for the 2020 holiday season, shortly after announcing that it had received approvals from the U.S. Bankruptcy Court for the Southern District of Texas regarding First Day motions related to the company’s voluntary Chapter 11 petitions, including approval for it to access and use its approximately $500 million in cash collateral.