JCPenney to Join J. Crew and Neiman Marcus and File for Bankruptcy
Saturday, May 09, 2020
One of America’s largest retailers -- and the third in the latest round of announcements during the coronavirus crisis -- is expected to file for bankruptcy.
JCPenney is poised to join J. Crew and Neiman Marcus in filing for bankruptcy, according to reports.
Presently, JCPenney operates stores in Southern New England located in Attleboro, MA, Warwick, RI, and Westerly, RI.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe department store chain closed its Providence Place location in 2015.
CNBC is reporting, “JCPenney is in talks to secure financing for bankruptcy as the coronavirus pandemic has devastated the American retail industry, people familiar with the matter tell CNBC. The Plano, Texas-based retailer skipped a $12 million interest payment on April 15, starting the clock on a 30-day grace period that could force it to file for bankruptcy as soon as May 15.”
This past week both J. Crew and Neiman Marcus filed for bankruptcy.
Jill Soltau, Chief Executive Officer of JCPenney issued a statement this week, “Our relationship with you is essential to JCPenney, which has been at the heart of America’s communities for more than 100 years. We want to thank you for your loyalty and patience as we all confront and adjust to today’s challenges together.”
The company operates 850 stores and employs, 90,000 workers. In 2019, sales fell more than 8%.