Home Forums Hunting & Shooting Hunter's Campfire JC Penney files Chapter 11

Chapter 11

They were headed to Chapter 11, Covid-19 just pushed them over the edge.

From the link:

Retailer J.C. Penney filed for Chapter 11 bankruptcy protection after the coronavirus pandemic forced stores to shut, the company announced Friday evening, joining J. Crew and Neiman Marcus.

The stock has lost over 83 percent of its value in the last 12 months as business deteriorated even before the pandemic hit.

Penney’s had been making efforts to revive the business but the coronavirus “created unprecedented challenges,” CEO Jill Soltau said in a statement.

Yep, and they gave their top executives multi million dollar bonuses yesterday so they could grab the money before the bankruptcy filing. They all need to be frog marched straight to jail.

https://www.msn.com/en-us/money/com...-bonuses-as-bankruptcy-looms/ar-BB1456Gn

Sorry to hear about it but I knew they were in trouble. It figures the top management lines their pockets with obscene amounts of money just before they declare bankruptcy but that's pretty much S.O.P. for large corporations. The company goes down the drain and the top management just walks away fat and happy. Once upon a time grand larceny was illegal but now there seems to be some kind of waiver available to those parasites. Legalized robbery is about the only way to describe it.

Is that even legal? Sort of like insider trading.

Had no idea they even still existed. I used to go to one...in about 1980.

Well, it's not like you need the JC Penney catalog anymore. What with the internet and all.

I haven’t stepped foot in a JC Penney in 30 years

It should not be legal.

In a nutshell no extra ordinary payments should be made right before filing bankruptcy.

In other words you can’t pay your buddy everything you owe him, file bankruptcy, and stiff all the other creditors. Bankruptcy courts do not see the humor in that.

A large fabricator in our area filed about two years ago, stiffed a lot of local vendors, there were some shenanigans involved. One of the owners opened a new business within a month.

Pickings have been there for a long while.

Maybe they can get their act together.

Per the article:


Keeping top talent at a business on the brink of bankruptcy is a valid excuse, as such companies are not exactly an executive magnet. And J.C. Penney is requiring the executives to remain with the company until at least Jan. 31, 2021 or they will have to repay 80% of the bonus.

So they're probably calling it a "retention bonus" and I bet there is some loophole.

Fuggin' criminals.

I'd be PISSED if I was a creditor.

And as an investor (I am sure there is some JC Penney somewhere in my 401k) I am mad a chit!!!!!!!

Lmao! Sears, too........

though that was the walmarts?

Guess you aint got a TeeVee either?

I hate to hear that. It was the only store left in my town where a man could get a white shirt or some decent socks or pants.
Now Wally world is all that’s left. Looks like it will be mail order for me or a trip to the next biggest town.

I tell u whut son, we throwed that curtis Mathis off in the holler when Lawrence Welk and JC signed off.

JC Penny is still in business?

i knew it!

ill put you in the too cool for TV group. Man dont need those chains!

Unifab ?

No, they have been gone for a while. I worked there back in the 80’s.

I had heard that they’d re-emerged but obviously not true. I was there for a while in 2001. Matagoda 622c wet gas compression project, 8 pile. The year hurricane Allison hit and shutdown I-49.