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Joined: Jul 2011
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Campfire Regular
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OP
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Joined: Jul 2011
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Chapter 11They 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.
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Joined: Jun 2006
Posts: 10,526 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2006
Posts: 10,526 Likes: 1 |
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.
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Joined: Mar 2002
Posts: 11,527 Likes: 6
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2002
Posts: 11,527 Likes: 6 |
Is that even legal? Sort of like insider trading.
Don't blame me. I voted for Trump.
Democrats would burn this country to the ground, if they could rule over the ashes.
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Joined: Mar 2007
Posts: 24,424 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Mar 2007
Posts: 24,424 Likes: 5 |
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Joined: Feb 2011
Posts: 26,389 Likes: 6
Campfire Ranger
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Campfire Ranger
Joined: Feb 2011
Posts: 26,389 Likes: 6 |
Had no idea they even still existed. I used to go to one...in about 1980.
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Joined: Jun 2006
Posts: 46,273 Likes: 14
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jun 2006
Posts: 46,273 Likes: 14 |
Well, it's not like you need the JC Penney catalog anymore. What with the internet and all.
A wise man is frequently humbled.
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Joined: Jan 2012
Posts: 67,550 Likes: 68
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,550 Likes: 68 |
I haven’t stepped foot in a JC Penney in 30 years
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Joined: Jul 2011
Posts: 1,815 Likes: 1
Campfire Regular
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OP
Campfire Regular
Joined: Jul 2011
Posts: 1,815 Likes: 1 |
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.
Last edited by Mike70560; 05/15/20.
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Joined: Feb 2009
Posts: 11,923
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Campfire Outfitter
Joined: Feb 2009
Posts: 11,923 |
Pickings have been there for a long while.
Maybe they can get their act together.
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Joined: Feb 2007
Posts: 4,208
Campfire Tracker
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Campfire Tracker
Joined: Feb 2007
Posts: 4,208 |
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!!!!!!!
The DIPCHIT ADD, after a morning of drinking:
You despair, repeatedly, constantly! daily basis? A despair ninny. Sack up, despire ninny.
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Joined: Feb 2007
Posts: 4,208
Campfire Tracker
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Campfire Tracker
Joined: Feb 2007
Posts: 4,208 |
Well, it's not like you need the JC Penney catalog anymore. What with the internet and all. Lmao! Sears, too........
The DIPCHIT ADD, after a morning of drinking:
You despair, repeatedly, constantly! daily basis? A despair ninny. Sack up, despire ninny.
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Joined: Nov 2010
Posts: 19,092 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Nov 2010
Posts: 19,092 Likes: 3 |
I haven’t stepped foot in a JC Penney in 30 years though that was the walmarts? Guess you aint got a TeeVee either?
Dave
�The man who complains about the way the ball bounces is likely to be the one who dropped it.� Lou Holtz
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Joined: Oct 2017
Posts: 1,002 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Oct 2017
Posts: 1,002 Likes: 1 |
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.
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Joined: Jan 2012
Posts: 67,550 Likes: 68
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,550 Likes: 68 |
I haven’t stepped foot in a JC Penney in 30 years though that was the walmarts? Guess you aint got a TeeVee either? I tell u whut son, we throwed that curtis Mathis off in the holler when Lawrence Welk and JC signed off.
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Joined: Aug 2005
Posts: 15,700 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 15,700 Likes: 4 |
JC Penny is still in business?
Z
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Joined: Nov 2010
Posts: 19,092 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Nov 2010
Posts: 19,092 Likes: 3 |
I haven’t stepped foot in a JC Penney in 30 years though that was the walmarts? Guess you aint got a TeeVee either? I tell u whut son, we throwed that curtis Mathis off in the holler when Lawrence Welk and JC signed off. i knew it! ill put you in the too cool for TV group. Man dont need those chains!
Dave
�The man who complains about the way the ball bounces is likely to be the one who dropped it.� Lou Holtz
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
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. Unifab ?
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jul 2011
Posts: 1,815 Likes: 1
Campfire Regular
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OP
Campfire Regular
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No, they have been gone for a while. I worked there back in the 80’s.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
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.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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