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.
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!!!!!!!
Well, it's not like you need the JC Penney catalog anymore. What with the internet and all.
Lmao! Sears, too........
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 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 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.
JC Penny is still in business?
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!
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 ?
No, they have been gone for a while. I worked there back in the 80’s.
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.
Well, it's not like you need the JC Penney catalog anymore. What with the internet and all.
I don't know, it might start looking good if the toilet paper shortage keeps up.....
Well, it's not like you need the JC Penney catalog anymore. What with the internet and all.
I don't know, it might start looking good if the toilet paper shortage keeps up.....
There’ll soon be enough political paperwork for that.
Nephew works in their corporate office. Has been in several roles with them over 15 years. Not sure his fate.
I’m not supporting big bonuses just before bankruptcy, but you’re not going to get decent management to come in to a severely struggling company and not have some extra financial incentive. They obviously did not save the company but it probably was not saveable.
This is the second of many, Neiman Marus was the first. J.C. penny was dying while it was barely alive for the past several years. Others to follow.
who shops at jc penney? apparently no one. but ya, i had no idea they were still a real store.
Fugging crooks azz raping bonuses for themselves before bankruptcy.
Scuzzballs been planning that for awhile.
Just didnt happen on a whim...
JC penney sucked the root anyways....
My mom worked at Penneys for years. It was a nice store with good customer service. I like being able to see and try things on before I buy. Guess most people today are too damn fat and lazy to get off their ass and go shopping.Don't know WTF they're going to do when all the stores are closed. I guess they'll just get fatter, lazier and dumber when all that's left is restaurants and bars to spend their free time
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
damn good underwear. tighty whiteys and t-shirts
Good riddance to the gay loving left wing [bleep] bags
Good riddance to the gay loving left wing [bleep] bags
You caught them spying on you in the dressing room?
Can't remember the last time I was in one. I just am not a hard core retail shopper. Not a browser type of consumer.
I know what I want - buy and go about my day. The dept store model doesn't work on me. I'm also comfortable with the e-com experience vs in store so their footprint as a mall anchor store also was a bit outdated for me.
Dead business model. What took them so long?
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Orion,
You know the people who do the actual work and make the ship
go mean nothing. It's the Captain and the Pilot who ran the [bleep]
aground that are important. And deserve a golden parachute.
When she dies for good, the janitor and stock boy will be left with
rubber paychecks.
I laugh at the stuff I see where people say they will never look at
service employees the same after the Kungflu.
Bullcrap.
If you walked around 6 months ago, nose in the air looking down on those
people, it was about you, not them.
And corona isn't going to change your flawed, arrogant ash.
I actually drove by a store yesterday in Williston, I said what the heck I didn’t know they were still around. She says they just filled....
20 years ago I bought all my clothes there. The staff was competent and helpful. Gradually, they eliminated staff and dumbed down the remainders. I stopped going there. Now I buy most of my stuff over the Internet--Joseph A. Bank, Orvis, and L.L. Bean. My dress suits will probably last me all the rest of my life. i might try Duluth, after reading that thread. Duluth has a store near here where you can try stuff on.
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Orion,
You know the people who do the actual work and make the ship
go mean nothing. It's the Captain and the Pilot who ran the [bleep]
aground that are important. And deserve a golden parachute.
When she dies for good, the janitor and stock boy will be left with
rubber paychecks.
I laugh at the stuff I see where people say they will never look at
service employees the same after the Kungflu.
Bullcrap.
If you walked around 6 months ago, nose in the air looking down on those
people, it was about you, not them.
And corona isn't going to change your flawed, arrogant ash.
I don't think anyone I know ever looked down on the person in that role. They just never believed that putting cans on a shelf, folded towels/pants/shirt on a table or changed the price on the pool noodles in Sporting Goods is exactly a "high skill" and worthy of 30 bucks an hour, a bronze statue and your face on a stamp.
Used to be I could get a decent WOOL sunday suit, wool shirts, etc.. wife could find her petites. not now.
Their model seems to be triple the price then put it on half off sale and throw in a 10 buck coupon for a walmart quality item
I think Penneys just did not keep up with the times.
Let us hope that the NY Times keep up with JC Penney.
It’s been coming for a long time.
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Orion,
You know the people who do the actual work and make the ship
go mean nothing. It's the Captain and the Pilot who ran the [bleep]
aground that are important. And deserve a golden parachute.
When she dies for good, the janitor and stock boy will be left with
rubber paychecks.
I laugh at the stuff I see where people say they will never look at
service employees the same after the Kungflu.
Bullcrap.
If you walked around 6 months ago, nose in the air looking down on those
people, it was about you, not them.
And corona isn't going to change your flawed, arrogant ash.
I don't think anyone I know ever looked down on the person in that role. They just never believed that putting cans on a shelf, folded towels/pants/shirt on a table or changed the price on the pool noodles in Sporting Goods is exactly a "high skill" and worthy of 30 bucks an hour, a bronze statue and your face on a stamp.
Anybody who works in a position where they have to deal with John Q public deserves respect and a good wage. John Q Public is a GIANT flaming ass hole and a HUGE PITA to serve.
I like Penneys. Walking thru their stores, they have too much dead inventory. They need better buyers.
They were on that way a long time ago. Bad leadership and decisions for years.
I like Penneys. Walking thru their stores, they have too much dead inventory. They need better buyers.
Pretty much endemic for many brick and mortar stores.
Sears, JCP, any others that compete with Walmart and Amazon are destined for the junk heap.
Whole Foods and Sprouts have put the kabosh on GNC, it appears.
Target better get their act together to compete or they’re not long for the commercial world.
https://companyblog.jcpnewsroom.com...e-company-is-positioning-for-the-future/
JCPenney’s CEO Explains How the Company is Positioning for the Future
by JCPenney Company on May 15, 2020 in Company Initiatives, Corporate
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Dear Valued JCPenney Customer,
I want to thank you for your continued loyalty to JCPenney as we navigate the unprecedented challenges brought on by the Coronavirus (COVID-19) pandemic. As you well know, the pandemic has changed day-to-day life and created a profoundly different reality.
Retailers have been hit especially hard by this economic environment, impacting our Company’s ability to meet financial and operational objectives. That is why JCPenney has chosen to pursue a financial restructuring.
We believe this process will give us the financial strength to weather the pandemic and evolve our business while also reducing our debt and increasing our flexibility to better position JCPenney for the future. This will allow us to better serve you, our valued customer.
I want to assure you: JCPenney is NOT going out of business. JCPenney will continue to be one of the nation’s largest apparel and home retailers. Our expansive footprint will still include hundreds of stores across the U.S. and Puerto Rico, as well as our online flagship store, jcp.com.
While our stores have been closed during the pandemic, we are now safely and gradually reopening across the country, based on state and local guidelines. Check here to see if a store near you is open, and for more information on the important health and safety measures we have put in place to help ensure a healthy shopping environment.
We remain dedicated to offering you an inspiring shopping experience with the value and quality you expect in both our stores and on jcp.com. We will continue to provide compelling merchandise and offer new services and innovations, including Contact-free curbside pickup at all open stores.
JCPenney has been part of America’s communities for more than 100 years, and we look forward to serving our customers for another 100 years.
Thank you for being our valued customer.
Sincerely,
Jill Soltau
Chief Executive Officer
JCPenney
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
Did they really fail, or did they postpone the inevitable?
They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail.
Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them.
Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
Many years ago there was a hosiery mill in a nearby town here in WKY. They manufactured men's, women's, girl's, boy's and little kids socks of all kinds, materials and styles for various stores like J.C.Penny's, Sears, Montgomery Wards, etc. The same socks were sold to each customer but with their packaging and logo. The only tangible difference was patterns and colors.
Filling a store with cheap, Chinese, products had a short run as a successful business model but it has failed now. GD
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
Did they really fail, or did they postpone the inevitable?
They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail.
Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them.
Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
`
The year was 1981. My wife worked and retired from J.C. Penney in 1989 but the year was1981 IIRTC. J.C. Penney was divesting itself as a department store and going for the yuppie trade almost exclusively. I remember it well because my wife called me from work and said they were selling all the guns at their cost and I could get her employee's discount as well. I bought two Remington 700s in 30-06, the ADL for $99 and the BDL for $110. I also bought a Winchester 94 30-30 for $85 and a Marlin 336 for $95. Still have the BDL and M94. Let a friend buy the Marlin and gave the ADL to my stepson. He gave it to his son years later. It wasn't a few years later my wife told my JCP was in trouble and that was at least 37 years ago. They've trying to keep their head above water ever since.
Paul B.
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Are you aware as to whether the lower level workers received some extra compensation.
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
Did they really fail, or did they postpone the inevitable?
They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail.
Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them.
Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
Yeah they failed as evidenced by the fact that they've filed chapter 11. If they wanted to succeed they needed to make some drastic changes, perhaps to a much broader spectrum of merchandise . They didn't and haven't made any noticeable changes since my mom started working there 15 years ago. Still basically just clothing, jewelry and shoes.
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
Did they really fail, or did they postpone the inevitable?
They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail.
Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them.
Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
What you’ll see survive of them will be their real estate. That’s the only value left within them.
20 years ago I bought all my clothes there. The staff was competent and helpful. Gradually, they eliminated staff and dumbed down the remainders. I stopped going there. Now I buy most of my stuff over the Internet--Joseph A. Bank, Orvis, and L.L. Bean. My dress suits will probably last me all the rest of my life. i might try Duluth, after reading that thread. Duluth has a store near here where you can try stuff on.
I wish I had access to a Duluth store, I'd like to check some of their stuff out. Hate ordering cloths online.
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Orion,
You know the people who do the actual work and make the ship
go mean nothing. It's the Captain and the Pilot who ran the [bleep]
aground that are important. And deserve a golden parachute.
When she dies for good, the janitor and stock boy will be left with
rubber paychecks.
I laugh at the stuff I see where people say they will never look at
service employees the same after the Kungflu.
Bullcrap.
If you walked around 6 months ago, nose in the air looking down on those
people, it was about you, not them.
And corona isn't going to change your flawed, arrogant ash.
I don't think anyone I know ever looked down on the person in that role. They just never believed that putting cans on a shelf, folded towels/pants/shirt on a table or changed the price on the pool noodles in Sporting Goods is exactly a "high skill" and worthy of 30 bucks an hour, a bronze statue and your face on a stamp.
Anybody who works in a position where they have to deal with John Q public deserves respect and a good wage. John Q Public is a GIANT flaming ass hole and a HUGE PITA to serve.
Even though you're an angry man there's a lot of truth in your statement.
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
Did they really fail, or did they postpone the inevitable?
They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail.
Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them.
Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
What you’ll see survive of them will be their real estate. That’s the only value left within them.
I don't know whether Penny's owned all of their real-estate or owned some and leased some. Given their financial picture over the past 20 years, I'd guess that newer locations were leased with no value going to Penny's or its stockholders. From the referenced story, Penny's is going to spin off some real-estate holdings into a REIT.
see:
https://www.cnbc.com/2020/05/16/ban...erties-into-new-real-estate-company.htmlThe unfortunate thing about Chapter 11 bankruptcy is that debts are discharged (i.e., stiff creditors) so the entity can re-capitalize and start anew. This might be good for some (e.g., employees) but it hurts creditors.
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty.
Well they failed at their job. I've never been or ever expected to be rewarded for failure.
Did they really fail, or did they postpone the inevitable?
They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail.
Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them.
Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
What you’ll see survive of them will be their real estate. That’s the only value left within them.
I don't know whether Penny's owned all of their real-estate or owned some and leased some. Given their financial picture over the past 20 years, I'd guess that newer locations were leased with no value going to Penny's or its stockholders. From the referenced story, Penny's is going to spin off some real-estate holdings into a REIT.
see:
https://www.cnbc.com/2020/05/16/ban...erties-into-new-real-estate-company.htmlThe unfortunate thing about Chapter 11 bankruptcy is that debts are discharged (i.e., stiff creditors) so the entity can re-capitalize and start anew. This might be good for some (e.g., employees) but it hurts creditors.
Interesting info on the REIT.
I think Amazon has killed a lot of business. I still have my wingtip shoes from 1973 or so. I couldn't afford to buy shoes like those today.
Back in the past if I needed to get dressed up and my size had changed, it only took a visit to the nice ladies at JCP in men's ware. They would fix you up.
Is that even legal? Sort of like insider trading.
Yep, but typical.
In the nearest town to have a JCP near me, they shot themselves in the foot. They totally forgot small town, rural America. "Our" store has NO work clothing, no boots, no durable outerwear.
I took the grandsons in there a year ago, and in the kids back to school clothes section, it appeared that JCP's decision makers decided that little kids need to wear gangsta threads to school. I ended up taking them to the Carhartt store. Let JCP die, and good riddance.
I like Penneys. Walking thru their stores, they have too much dead inventory. They need better buyers.
You are right, from a modern, efficient, business perspective.
I F'n hate that perspective.
Today, if I want something that isn't going to turn over in a couple days,
it has to be ordered over the internet. This is the Wal-Mart plan.
Go to Wal-Mart, buy a 220v air conditioner.
They are tickled to take your Benjamin's on a quick turn over product.
Now, try to buy a receptacle to match the plug on your new A/C.
No dam way Wally has a bin of them taking up $$ and space.
They don't sell fast enough.
There were two items that during my working years were almost a commodity for me that I bought from JCP - button down pinpoint dress shirts and underwear. The shirts fit well and came out of the wash looking nice, and were at least as good as other similarly priced brands. Lands End pinpoints, despite all their hype, never did iron without wrinkles. I could count on JCP tighty whiteys fitting well and lasting a reasonable time. Like I said, for me a commodity that I could count on.
Fast forward into retirement. Went to JCP to buy a dress shirt. Weird colors and styles (for millennials), junk material. No longer have the medium rise briefs, but either very low rise or really high, neither of which fit me well.
On top of all that they have a weird pricing system. If you want a three pack of briefs, or one shirt, you have to pay an inflated price. They now price most things so to get a decent price (50% off the second), you have to buy two. Clever, those bean counters. I usually don't want two, so what to do?
So, I've had little reason to shop the "new" JCP. Too bad things didn't work out for them.
Paul
The department store concept was cutting edge brilliance - in 1955.
My family lived in JCP underware as a kid.
They weren't the cheapest, but they wore like iron.
I never even realized that underware didn't always last
a year or more, until I got married.
My wife's family thought of Penney's as upscale, and she
started buying my Hanes and Fruit of the Loom, from Wally.
Schiddy elastic, crotch seams that came undone, holes in
two month old underware... that cheap stuff cost a lot more
to wear than Penney's stuff.
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ?
Are you aware as to whether the lower level workers received some extra compensation.
Over the past 30 years, I have been involved with 5 buy outs / down sizings / RIF's / "Say Goodbye to Employees". For hourly and mid-range salaried workers, the least generous of these was 1 week of pay for each year of service. The most generous was a base amount plus 2 weeks of pay for each year of service. For the latter, a couple 20-25 year members picked up about 1 year of salary as they went out the door. No where NEAR the "millions" being thrown at the executives at JCP. Jill Soltau, the CEO who is putting the last nail in JCP's coffin: Last year's base salary was a little over $400,000. Bonus was $6,000,000. That's right, bonus was 15X her salary. And then stock options worth $9,000,000 added on top of that. $16 Million dollar total comp (40X base salary), for sticking with a sinking ship...
In my best Justin Wilson voice: I GUARANTEE that no hourly employees will be receiving 40X their base annual salary for being a "good soldier" and sticking with the company until they are shown the door...
Hearing a rumor that Amazon might buy them.
We have a brick and mortar stand alone JC Penny where I live. Wife ordered some stuff online for Christmas last year for store pickup. I went in with her and there were about 3 people in that whole store at Christmas time that didn't work there. I haven't seen more than a few cars in the parking lot of it for years and years. After being in there week before Christmas and it was a ghost town i figured it would close after the holidays but its still kicking. I think its a front for the mob or something.
In the nearest town to have a JCP near me, they shot themselves in the foot. They totally forgot small town, rural America. "Our" store has NO work clothing, no boots, no durable outerwear.
I took the grandsons in there a year ago, and in the kids back to school clothes section, it appeared that JCP's decision makers decided that little kids need to wear gangsta threads to school. I ended up taking them to the Carhartt store. Let JCP die, and good riddance.
Our JC Penny is the exact opposite. They don't have a damn thing in the store anyone under 65 would be caught dead wearing.
my wife is 5'10" tall and 145 lbs. JCP had a line of clothes for big/tall women. she bought most of her clothes there. the new ceo decided to get rid of that line and concentrate on goth or some such bs.
a tall woman has a hard time getting clothes that fit.
We have a brick and mortar stand alone JC Penny where I live. Wife ordered some stuff online for Christmas last year for store pickup. I went in with her and there were about 3 people in that whole store at Christmas time that didn't work there. I haven't seen more than a few cars in the parking lot of it for years and years. After being in there week before Christmas and it was a ghost town i figured it would close after the holidays but its still kicking. I think its a front for the mob or something.
In the nearest town to have a JCP near me, they shot themselves in the foot. They totally forgot small town, rural America. "Our" store has NO work clothing, no boots, no durable outerwear.
I took the grandsons in there a year ago, and in the kids back to school clothes section, it appeared that JCP's decision makers decided that little kids need to wear gangsta threads to school. I ended up taking them to the Carhartt store. Let JCP die, and good riddance.
Our JC Penny is the exact opposite. They don't have a damn thing in the store anyone under 65 would be caught dead wearing.
armpit trousers lol
Slum,
Is the Pennies where you get your Dickie onesies that have the built in built with metal clasps?