Long-struggling JC Penney files for bankruptcy

[gdale6]

• J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy.
• The Plano, Texas-based retailer employed roughly 90,000 full- and part-time workers as of February. 
• Sales at J.C. Penney have fallen annually since 2016. 

https://www.cnbc.com/2020/05/15/jc-penney-bankruptcy-filing.html

[AllZero]

Thank you for sharing the information.

[SweetCreditObsession]

Department  stores in general have been battered in the last few years. Hopefully they reorganize so folks can keep their jobs

[DaveInAZ]

JC Penney had around 90,000 employees in February, most were furloughed in March to "conserve cash".

Meanwhile "the company announced Monday evening it has paid a $4.5 million bonus to CEO Jill Soltau, and bonuses of $1 million each for CFO Bill Wafford, Chief Merchant Michelle Wlazlo and Chief Human Resources Officer Brynn Evanson. JCPenney said the big paydays are designed to keep its top talent on board.".

- So much for "conserving cash".That's $7.5 million dollars to 4 people while close to 90,000 fight to get unemployment benefits to keep a roof over their head and some food on the table. Every **bleep** time a company gets run into the ground and files for BK the executive management gets a rich payday while the workers who kept them going get to fight for scraps. And "designed to keep its top talent on board"??? Where the hell would they go? The retail industry isn't exactly on a hiring blitz right now, and Executive Management with JC Penney on your resume probably isn't the best selling point.

[iced]

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@gdale6 wrote:

• J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy.
• The Plano, Texas-based retailer employed roughly 90,000 full- and part-time workers as of February. 
• Sales at J.C. Penney have fallen annually since 2016. 

https://www.cnbc.com/2020/05/15/jc-penney-bankruptcy-filing.html

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J.C. Penney was weighed down by debt and battered by the 21st century. The Coronavirus didn't kill it, it just told it to hurry up and die already. Hearing they filed bankruptcy is as shocking as hearing that Steve Irwin was killed by a wild animal.

[iced]

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@DaveInAZ wrote:

JC Penney had around 90,000 employees in February, most were furloughed in March to "conserve cash".

Meanwhile "the company announced Monday evening it has paid a $4.5 million bonus to CEO Jill Soltau, and bonuses of $1 million each for CFO Bill Wafford, Chief Merchant Michelle Wlazlo and Chief Human Resources Officer Brynn Evanson. JCPenney said the big paydays are designed to keep its top talent on board.".

- So much for "conserving cash".That's $7.5 million dollars to 4 people while close to 90,000 fight to get unemployment benefits to keep a roof over their head and some food on the table. Every **bleep** time a company gets run into the ground and files for BK the executive management gets a rich payday while the workers who kept them going get to fight for scraps. And "designed to keep its top talent on board"??? Where the hell would they go? The retail industry isn't exactly on a hiring blitz right now, and Executive Management with JC Penney on your resume probably isn't the best selling point.

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On the other hand, the fact that the people at the very top only got $7.5 million also shows just how little gas was left in the tank. In the world of giant corporations that J.P. Penney once could call itself a member of, $7.5 million is a rounding error, holiday party budget, or a signing bonus. They're basically buying a modicum of stability while they liquidate what's left and turn off the lights for good.

It's also not like executives even have resumes. If they leave a company on good terms, it's because they got offered a goldmine by another company. If they leave on bad terms, they already had enough to retire and live off of.

[Anonymous]

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@SweetCreditObsession wrote:

Department  stores in general have been battered in the last few years. Hopefully they reorganize so folks can keep their jobs

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I think JCPenney is on its way out the door. They're basically a lower-class Macy's. Brick & mortar isn't what it used to be. These department stores are too big and have so much wasted space on merchandise nobody buys. I don't think JCP will survive, and likely the same for Macy's. The last nail in Macy's coffin will likely come after JCP's last nail, though.

[PicoFico]

Those bonuses aren't going to so squat for the employees... 7.5 million across 90,000 people is less than $84 a person.

It's unfortunate that it's troubling times for the company and retail in general.

[Anonymous]

What I find rather facinating is that a lot of these older retailers wre teh grandfater of Online ordering, via the form of Catalog mail ordering.

Yet when online stated to become a big thing, they pushed back and some of them opened more physical stores. Then Amazon came along and they still didn't learn. So while I don't like to see people suffer job loss, maybe it's for teh best as it makes way for something better?

In life it's always been about the strongest surviving, and those who can adapt have a better chance at it.