35 Burst results for "Jc Penney"
Mall Owners Simon and Brookfield to Rescue J.C. Penney
"C. Penny will stay open the retailer announcing today that it has struck a tentative deal with mall owners, Simon Property Group and Brookfield Property Partners, and that will save more than 600 stores from liquidation. J. C. Penney filed for Chapter 11 bankruptcy in May, after the pandemic worsened its struggles that it had been dealing with. If this deal goes through, the new owners will expect to take on about $500 million in debt at Home
Mall owners close to buying JC Penney out of bankruptcy
"Between shopping mall owners Simon Property Group and Brookfield Property Partners and lawyers for J. C. Penney. The tentative plan to buy the ailing department store chain and save some 70,000 jobs was announced during a bankruptcy hearing. The 118 year old pennies filed for bankruptcy protection in mid May after pandemic related closers crushed the already struggling retail firm. I'm Jackie Quinn. Google's new
Mall owners close to buying JC Penney out of bankruptcy
"A plan in the works to try to save the remaining J. C. Penney stores. The deal is being negotiated between shopping mall owners Simon Property Group and Brookfield Property Partners and lawyers for J. C. Penney. The tentative plan to buy the ailing department store chain and save some 70,000 jobs was announced during a bankruptcy hearing. The 118 year old pennies filed for bankruptcy protection in mid May after pandemic related closers crushed the already struggling retail firm. Fine Jackie
Mall owners Simon and Brookfield to rescue J.C. Penney
"To a Vegas shopping mall owner Stepping in to help J. C. Penney. Out of bankruptcy Carol, the business analyst, David Johnson, saying Plain obeys Penny has deals with companies that own hundreds of malls across the country. In essence, they have reached a tentative rescue deal with their landlord, Simon Property Group in Brookfield Property Partners. They've got a couple of billion dollars coming to him. From Wells Fargo and the name J. C. Penney. You may just be around for a
Mall owners close to buying JC Penney out of bankruptcy
"There's a plan in the works to try to save the remaining J. C. Penney stores the deal is being negotiated between shopping mall owner Simon property group and Brookfield property partners and lawyers for J. C. Penney the tentative plan to buy the ailing department store chain and save some seventy thousand jobs was announced during a bankruptcy hearing the one hundred eighteen year old panties filed for bankruptcy protection in mid may after pandemic related closures crush the already struggling retail firm hi Jackie Quinn
Landlords Strike Deal to Acquire Bankrupt J.C. Penney
"Soon be its bosses. Mall owners, Simon Property and Brookfield property are teaming up with pennies. Lenders to buy the bankrupt department store chain. A lawyer for J. C. Penney says the deal will save about 70,000 jobs. Video game sales have
J.C. Penney Landlords Nearing Deal to Buy Bankrupt Retailer
"A couple of mall owners air close to a deal to buy Penny out of bankruptcy. The Wall Street Journal says Simon Property group and book Field Partners are making a bid. Other bidders still have time to make an offer. To the bankruptcy court. Simon has also agreed to by Brooks Brothers out of bankruptcy with a partner authentic
Amazon to Turn Malls Into Fulfillment Centers?
"Amazon wants to literally take over malls. How exposed to China is apple. At the moment. Apple is literally doing legal battle with a pair an APP to help guide you on your psychedelic trips and why would personally be in the market for a foldable E. INC notebook. Here's what you missed today in the world of Tech. Are Telling The Wall Street Journal that Simon Property the biggest owner of malls in the United States has explored turning anchor stores previously occupied by department stores into fulfillment centers for Amazon, quote, the talks have focused on converting stores formerly or currently occupied by JC Penney and sears. The People said, the department store chains have both filed for chapter eleven, bankruptcy protection, and as part of their plans have been closing dozens of stores across the country. Simon. Malls have sixty three. Three. Penny and eleven, sears stores according to its most recent public filing in May for Amazon deal with Simon, would be consistent with its efforts to add more distribution hubs near residential areas to speed up the crucial last mile delivery. But for Simon, any deal to surrender prime space to Amazon would signal a break from a longtime business model for malls reliance on a large department store to draw foot traffic to neighboring shops and restaurants. Amazon, fulfillment centers wouldn't draw much. Foot traffic to them all though some employees could eat and shop at the mall. That's why landlords have preferred to replace department stores with other retailers, gyms, theaters, or entertainment operators. Yet, many of these tenants are struggling to survive during the pandemic and aren't in expansion mode and quote. Why not turn, them into hybrid fulfillment center. Slash pick-up center. Showroom spaces. Although as at epicurious deal said on twitter quote, interesting thought, but making malls originally designed to accommodate large inbound freight flows. But outsource last mile collection to consumers will require substantial costly outbound logistics infrastructure redesign. For example, malls have the parking lot real estate, but they don't have adequate outbound loading facilities most maybe all mall architecture is designed to capture and retain consumers. Distribution centers are designed to maximize throughput velocity and minimize goods dwell time. These design objectives are in a word incompatible and quote.
Amazon Reportedly Wants to Use Sears and J.C. Penney Stores as Fulfillment Centers
"Are Telling The Wall Street Journal that Simon Property the biggest owner of malls in the United States has explored turning anchor stores previously occupied by department stores into fulfillment centers for Amazon, quote, the talks have focused on converting stores formerly or currently occupied by JC Penney and sears. The People said, the department store chains have both filed for chapter eleven, bankruptcy protection, and as part of their plans have been closing dozens of stores across the country. Simon. Malls have sixty three. Three. Penny and eleven, sears stores according to its most recent public filing in May for Amazon deal with Simon, would be consistent with its efforts to add more distribution hubs near residential areas to speed up the crucial last mile delivery. But for Simon, any deal to surrender prime space to Amazon would signal a break from a longtime business model for malls reliance on a large department store to draw foot traffic to neighboring shops and restaurants. Amazon, fulfillment centers wouldn't draw much. Foot traffic to them all though some employees could eat and shop at the mall. That's why landlords have preferred to replace department stores with other retailers, gyms, theaters, or entertainment operators. Yet, many of these tenants are struggling to survive during the pandemic and aren't in expansion mode and quote. Why not turn, them into hybrid fulfillment center. Slash pick-up center. Showroom spaces. Although as at epicurious deal said on twitter quote, interesting thought, but making malls originally designed to accommodate large inbound freight flows. But outsource last mile collection to consumers will require substantial costly outbound logistics infrastructure redesign. For example, malls have the parking lot real estate, but they don't have adequate outbound loading facilities most maybe all mall architecture is designed to capture and retain consumers. Distribution centers are designed to maximize throughput velocity and minimize goods dwell time. These design objectives are in a word incompatible and quote.
Brooks Brothers Bankruptcy: Nostalgia, Anger, and a Bidding War
"The abandonment of the suit helps explain the struggles of one of America's most iconic fashion companies, brooks brothers, the two hundred two year old brand filed for bankruptcy protection on July eight sure blame cove nineteen, but now you'd be wrong. Suits with the three piece with Thai or skirts and high heels used to convey professionalism and competence, they served as symbols that you took your job seriously and respected your customers, the ones you were treating too expensive lunches, madman style, but even before the pandemic they'd become something of an anachronism. Most of us now see little to no relationship between the way we dress in our competence at work, think Mark Zuckerberg's hoodies. Indeed expensive suits can be viewed as a sign of elitism. Put it starkly. The corporate fashion code has gone by the wayside. Brooks brothers struggles represent a cultural shift, not just a Kobe tragedy. Brooks brothers famously dressed all but four presidents. It is the longest continuously operating fashion business in America and until this month it boasted about making its products in America the Brandon's three factories in the states in Massachusetts North, Carolina and New York. CEO Claude Delvecchio is planning to close those factories. We'll get to that in a minute. As you know, apparel sales have been decimated by pandemic closures in April nobody bought clothes whether from Brooks brothers or JC, Penney and other retail casualty, but did you know the actual numbers? Clothing sales fell almost ninety percent in April, according to retail dive, but brooks brothers began looking for a buyer about a year ago. The company operates five hundred stores two hundred of them in the US sales have been flat at about a billion dollars a year since twenty, seventeen, prior to the pandemic bankers estimated the company's value at three hundred to three hundred fifty million dollars. Figure Delvecchio disputed. As, I mentioned the company intends to close its three US factories later this month in the gritty industrial town of. Massachusetts home of its largest factory. Its largest immigrant workforce is being denied severance pay many of those workers, immigrants and refugees women from the Dominican Republic. Vietnam Burma and Nepal have made the company's fine clothing for years so far brooks isn't budging. Despite pleas from the union, and from members of Congress according to the Boston Globe in North Carolina, the factories, the only large employer in the little town of Garland closure would affect that town forever, mayor winifred. Hill, Murphy told The New York Times. In response, CEO, Del Vecchio, says for survival. We must hang onto as much cash as possible, but the globe reports that its chapter eleven filing includes plans to give compensation benefits, severance and bonuses totaling millions to other workers. Brooks brothers will transform, but unlike many of its retail brethren its survival is not in question. In fact, at least one bidder for the company believes it can earn annual revenue of three billion dollars within five years more than triple its current sales, so many buyers are vying for the brand at both the Wall Street Journal and Bloomberg used the phrase the races on those making bids. Bids Include Mall Company Simon, property, group, authentic brands, group and W. H. P. Global another bidder is a group of Italian. Investors led by a company called GIO which typically helps fashion companies improve their online presences. The Wall Street Journal possibly with tongue firmly in cheek, considering the state cut of Brooks brothers clothing says Julia wants to quote introduced some European flair to the quintessential American brand. Julia's clients include Armani Maxmara and other designers. Brooks brothers is accepting bids through August fifth, so brooks will survive, but what about it's cheaper? Rival men's warehouse tailored brands which owns men's warehouse and the more upscale Joseph. A. Bank plans to close at least a third of its fifteen hundred stores. It said this month it hasn't filed for chapter eleven protection, but it came close according to CNN. That threat remains even after it stores reopened. Sales have been falling. They were down about eighty percent at Joseph A. Bank in the first week of June, as we all continue to do business in Pajama Pants as we all know nostalgia sells Joseph A. Bank doesn't have nearly the name or the history of Brooks brothers, which drips with nostalgia. Teddy Roosevelt apparently insisted his rough riders. Riders wear the Brand Abe. Lincoln was also a brooks brothers customer, one reason for the bidding war beyond what is sure to be the lowest price anyone ever imagined for the stalwart brand. Is What author Lisa Burn? Bach believes about Fashions Post. Pandemic Future Birnbaum who authored the twenty ten book true. Prep argues that the company must be saved after the pandemic finally end, she writes. There will be weddings. There will be funerals. There will be. We hope live operas and theatre and premieres in concerts and fancy dress parties. Where we can't predict the future, but we can observe the present, and what's happening to upscale apparel in the US. WHO's buying it and WHO's making it. Reveals a lot about our rapidly changing an enormously conflicted culture.
JC Penney cuts 1,000 jobs as it closes stores
"More cuts and closures for one of the country's top retailers. As CBS's Jim Chris, you'll explain. J. C. Penney is closing just over 150 stores and cutting about 1000 jobs, the company that was founded in 1902 and Wyoming. By James Cash. Penny filed for bankruptcy protection in May. It plans to shutter authority. It's nearly 850 stores over the next two
Is Macy's Stock A Buy Ahead Of Reopenings? Here's What Earnings Show
"Macy's is scheduled to come out with their first quarter report in a few weeks, but Preliminary results out today. Indicating macy's loss is going to be a little smaller than Wall Street was expecting. They've also raised four and a half billion dollars in debt to help shore up the balance sheet so. What do you think, Jason? It's? It's a little better for macy's. Yes, yeah I mean it. It is better in the sense that they bought themselves some more time. We always talk about, it's tough to use debt to get yourself out of debt in. Some, point down the line is gonNA. They're gonNA. Figure out how to reconcile that, but for now. I mean this does by the. Time which is really what they need most of. In a very close second is shoppers right? But I mean you go back a year? Okay, go back a year from from today we were talking about macy's and the challenges business was facing well before the pandemic ever hit. I mean at that point from two thousand fifteen on top line revenue had fallen eleven percent. Net income had fallen thirty three percent earnings per share were down twenty two percent, and then they burn through a considerable amount of cash long way round seventy percent of their cash balance. They burn through since two thousand fifteen as well so I mean. This was a business facing a lot of challenges a year ago. Fast forward today, and clearly those challenges have only grown. It's hard to imagine I. Mean we've talked this. JC Penney for so long. Does the world really need? JC? Penney mean we can ask the same thing. Does the world really need? macy's I mean I. Don't know if it really needs it. I I do feel like maybe there's. There's a bit bit more of a spot for macy's in our retail landscape. Here and I am hopeful. That management is able to weather the storm but I mean I it. It is going to be a monumental task. Going forward in, you know we still don't know how this This coming fall is really gonNA shake out I mean there are there is a there's enough uncertainty i. think in regard to what the fall season is gonNA. Look like here. As far as the pandemic goes, if we can get through the fall season with with relatively a mild conditions, this holiday season is going to be a pivotal time for macy's one where they can really capitalize, but for now yeah I, mean.
JCPenney to close 150+ stores nationwide
"Now one of the casualties of the coronavirus lockdown JC Penney saying it's closing a hundred and fifty stores some of them right here in Georgia of the one hundred fifty four stores J. C. Penney plans to close at seven over in Georgia among them locations at north lake mall in Atlanta Arbor place mall in Douglasville and lake shore mall in Gainesville the company's website says the stores will hold a store closing sales beginning June twelfth at lasting from ten to sixteen weeks J. C. Penney says the decision as part of its plan to emerge from both chapter eleven and the covert nineteen pandemic as a stronger
J.C. Penney is closing 154 stores — here's where they are
"The list of stores JC Penney is closing includes four Pittsburgh area locations Monroeville mall Clearview mall in Butler beaver valley mall and Pittsburgh mills into random the retailer is in chapter eleven bankruptcy the biggest company to do that during the
Hertz files for bankruptcy amid pandemic
"Car rental company hertz has filed for bankruptcy here's reporter Tony Lopez a century old car rental company made it official today it's filing for bankruptcy protection hurts is billions of dollars in debt the pandemic that idled its global fleet of vehicles was the last straw hurts employs some thirty eight thousand people so far twelve thousand have already lost their jobs the company joins the likes of JC Penney J. crew Neiman Marcus and pier one companies that have sought bankruptcy protection during the
Banks are Cutting Their Risk By Cutting Your Credit Card Limits
"On this Wednesday may twentieth. Hey have you applied for a new credit card in the last couple of months if so and if you've had trouble getting approved well you're in good company? Given all the financial uncertainty were experiencing right. Now banks are nervous so they're making it much tougher to qualify for new cards to avoid taking on customers. Who may not be able to pay their bills. According to the Saint Louis Federal Reserve forty percent of. Us Bank say. They're getting choosier about who they lend money to. Where that's issuing credit cards or personal loans? That's the biggest pull back in lending since two thousand nine. According to see net among the biggest lenders to play defense this way discover financial services apply for a discover card. And you'll find the company verifying your employment not just your credit score and if you are approved your credit limit may well be less than you'd hope for on recent earnings called discover CEO. Roger Hawks Trial said the company's taking these and other steps to quote curtail risk to put it more plainly discover and other financial institutions. WanNa make sure they don't get saddled with too much. Unpaid debt pre pandemic discover had been growing steadily and profitably twenty. Nineteen was a good year and the company was expecting twenty twenty to be even better instead. Discover lost about sixty million dollars in the first quarter of this year and its future like the future of so many other businesses is clearly uncertain which is to say things may not be any easier at the other major credit card companies both city and capital. One say they are also tightening up credit requirements C net reports. Okay so maybe you can't get a new card and you haven't seen one of those zero balanced transfer offers that to flood your mailbox in months but that's not all. Some companies are reducing credit limits for existing customers. It's happening a lot one out of four American credit card users. That's fifty million. People have had their credit limits slashed on at least one card in the previous thirty days some have even had an account closed. That's according to a survey by compare cards a service owned by lending tree. Those changes are hitting Gen Z. Millennials and Gen xers equally according to see net. Apparently baby boomers are being spared so far. This is a tough thing to have happened. If you've just lost your job or you expect to and it often comes as a rather ugly surprise credit cards dot com analysts had rosman told Marketwatch. Most people don't realize how much freedom credit card issuers have to cut limits or even cancel cards without warning companies that acknowledged they're assessing credit limits. Include Wells Fargo. Us Bank in American Express and American Express spokesperson told Marketwatch that the company is based in credit limits on quote real time. Evaluations of a person's financial help so too is synchrony financial which issue store credit cards including JC Penney. Gap and American Eagle outfitters discovers. Roger Hawks child however is expressly said the company is not slashing credit limits or closing inactive accounts given the millions of Americans who are now jobless hawks trial call those actions challenging according to Bloomberg. Pulling away credit. When they need it most can have tremendously adverse impacts hawks trial set indeed. Many people rely on credit cards as emergency funds in April about a month into lockdowns about forty seven percent of Americans had credit card debt. That's up four points from March. According to a survey by CREDIT CARDS DOT COM and having your credit limit reduced or a card cancelled can hurt your credit score. Even as news rolls out about the new challenges of getting and keeping credit banks are also enrolling people in programs intended to help almost half a million discover account holders signed up for its skip a payment program. Those account holders have balances of more than three and a half billion dollars altogether. Yes you heard that right. Billion WITH A B. Other issuers are also
JC Penney plans to close more than 240 stores
"Crisis we're not learning just how many stores J. C. Penney plans to close after filing for bankruptcy last week the retailer filed papers saying that nearly thirty percent of its eight hundred forty six locations will shut down by the next fiscal year nearly two hundred are expected to close this year with another fifty following the following year no word yet on exactly which stores are closing
Dallas - Shortly After Filing For Bankruptcy, Plano-Based JC Penney Announces Plan To Close More Than 240 Stores
"J. C. Penney filed for bankruptcy protection our protection late Friday today this telling regulators it plans to close around two hundred forty stores penny says it still took determining which ones and when that's around a third of penny stores they account for less than a third of penny
"jc penney" Discussed on Marketplace Morning Report with David Brancaccio
"<Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> This <Speech_Male> week we'll hear about <Speech_Male> how some of the biggest <Speech_Male> retailers <Speech_Male> have been doing <Speech_Male> throughout the pandemic <Speech_Male> one of them is Walmart <Speech_Male> which reports quarterly <Speech_Male> earnings. On Tuesday <Speech_Male> the company <Speech_Male> stores have stayed <Speech_Male> opened throughout <Speech_Male> the crisis. Giving it a front <Speech_Male> row seats on <Speech_Telephony_Male> how our <Speech_Male> shopping habits have <Speech_Male> changed. Marketplace's <Speech_Male> Justin <SpeakerChange> Ho <Speech_Male> has more <Speech_Male> one of the brightest <Speech_Male> spots of Walmart's business <Speech_Male> has been curbside <Speech_Male> pickup. <Speech_Male> A service where customers <Speech_Male> order things online <Speech_Male> drive to the store <Speech_Male> in wait while <Speech_Male> a worker <SpeakerChange> loads everything <Speech_Female> into their trunks <Speech_Female> and that <Speech_Female> during Cova <Speech_Male> has just accelerated. <Speech_Male> That's <Speech_Male> later an who follows <Speech_Male> Walmart for the research <Speech_Male> firm Kantar <Speech_Male> Duran says <Speech_Male> curbside. Pickup <Speech_Male> gotten huge because <Speech_Male> people are using the <Speech_Male> risk to buy groceries. <Speech_Male> That's an <Speech_Male> area where Walmart <SpeakerChange> already <Speech_Male> dominates. <Speech_Female> We show <Speech_Female> that half of all <Speech_Female> as online <Speech_Female> grocery. Shoppers <Speech_Female> are using Walmart <Speech_Female> for their <Speech_Female> online <SpeakerChange> grocery <Speech_Male> orders. Walmart <Speech_Male> success with curbside. <Speech_Male> Pickup comes <Speech_Male> with costs. <Speech_Male> Charlie O'Shea Moody <Speech_Male> says Labor is a big <Speech_Male> one. It's <Speech_Male> manually intensive <Speech_Male> process for workers <Speech_Male> to pick out and <Speech_Male> scan hundreds <SpeakerChange> of <Speech_Male> grocery products. <Speech_Telephony_Male> You'll see the employees <Speech_Telephony_Male> standing in front <Speech_Telephony_Male> of the Shelf. <Speech_Telephony_Male> Kinda scratching their head <Speech_Telephony_Male> every so often. Right which <Speech_Telephony_Male> one of these and all <Speech_Telephony_Male> we don't <SpeakerChange> have it. <Speech_Telephony_Male> What do I substitute? <Speech_Male> Groceries also carry <Speech_Male> lower margins <Speech_Male> than the other products. <Speech_Male> Walmart sells <Speech_Male> like barbecues bikes <Speech_Male> or clothes <Speech_Male> on Friday. <Speech_Male> The government said apparel <Speech_Male> sales dropped <Speech_Male> eighty percents last <Speech_Male> month. Oj <Speech_Male> says the crisis <Speech_Male> is changing. <SpeakerChange> The Way Walmart <Speech_Male> makes money. <Speech_Telephony_Male> You're going to see just <Speech_Telephony_Male> absolutely blowout <Speech_Telephony_Male> sales. <Speech_Telephony_Male> In you know <Speech_Telephony_Male> food consumable <Speech_Telephony_Male> you <Speech_Telephony_Male> will see obvious. <Speech_Telephony_Male> Softness in <Speech_Telephony_Male> <SpeakerChange> discretionary <Speech_Telephony_Male> categories curbside. <Speech_Male> Pickup has one <Speech_Male> big advantage for <Speech_Male> Walmart. And it doesn't <Speech_Male> have to deliver those groceries <Speech_Male> to your house. <Speech_Male> Brian Yarbrough <Speech_Male> consumer research <Speech_Male> analyst at Edward <Speech_Male> Jones. He <Speech_Male> says curbside pickup <Speech_Male> is more profitable <Speech_Male> for retailers than online <Speech_Male> delivery it's <Speech_Telephony_Male> shipping cost <Speech_Telephony_Male> and the free shipping <Speech_Telephony_Male> that <SpeakerChange> really <Speech_Telephony_Male> eat all the margins. <Speech_Male> Yarbrough says <Speech_Male> the pandemic is pushing <Speech_Male> more customers toward <Speech_Male> online delivery <Speech_Male> to while <Speech_Male> Walmart loses <Speech_Male> money delivering products <Speech_Male> to customers. <Speech_Male> He says it <SpeakerChange> can still <Speech_Male> benefit for Walmart <Speech_Telephony_Male> and combat gaining <Speech_Telephony_Male> market share and gaining <Speech_Male> new customers <Speech_Telephony_Male> and offering <SpeakerChange> the option. <Speech_Male> He says <Speech_Male> what remains to be seen <Speech_Male> is whether those new <Speech_Male> customers continue <Speech_Male> to shop at Walmart <Speech_Male> when the pandemic comes <Speech_Music_Male> <Advertisement> down. I'm <Speech_Music_Male> <Advertisement> just an Ho- for <Speech_Music_Male> <Advertisement> marketplace <Speech_Music_Male> <Advertisement> and <Speech_Music_Male> <Advertisement> in New York. I'm <Speech_Music_Male> <Advertisement> three you're <Speech_Music_Male> <Advertisement> with the marketplace <Speech_Music_Male> <SpeakerChange> morning report <Music>
"jc penney" Discussed on Marketplace Morning Report with David Brancaccio
"Jay Powell has been sending a message low key but a message in a speech last week and interview with CBS sixty minutes. He's basically said recovery is going to be a while and the government needs to do more to help see the country through this economic crisis. Julia Coronado is founder of macro policy perspectives and is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. Hey Julia so chairman Powell. He said you know this idea of v-shaped recovery not going to happen. What IS RECOVERY. GonNa look like. According to the chair. The chair thought that it's reasonable possible that we could resume growing In the second half of the year and he had a optimism over the medium term for the US economy. But he did feel that. It's GonNa take some time to get back to normal. The Federal Reserve has already done a lot. It's injected trillions of dollars worth of liquidity into the economy it's lending to businesses chair. Paul said defied could do more. I mean Kenneth. Oh Cheer Powell said that the Fed's power to lend is unlimited so it can continue to lend through these facilities. It's creating as much as it needs to. He did distinguish between lending and spending. The Fed can lend money but it can't give money out. Only the federal government can do that and he's suggesting the federal government needs to do more of it. Well Cheer Talents. Very careful not to cross the line between the independence of the Fed and the federal government's decisions But basically by saying it's not going to be a D shaped recovery and letting us know the limits of his powers. It's a message to Congress that yes they should do more They're probably going to need to do more to bridge. This gap of what he said three to six months and prevent unnecessary defaults amongst businesses amongst households and among state and local government Julia Coronado founder of macropolicy perspectives. Thanks so much. My pleasure. Markets. Meanwhile have gotten a jolt of about the. Future Biotech company MODERNA reported success in an early stage Corona virus vaccine trial at reported its vaccine successfully caused all forty five participants to produce binding antibodies at levels seen in patients who had recovered from Covet nineteen and that has pushed stocks up this morning. Let's take a look. The Dow Jones Industrial Average is up seven hundred and six points that is three percent the S. P. Five hundred is up two point four percent. The Nasdaq up. Two percent. The ten year Treasury yield is rising at point six nine percent now for now as we all know hardly. Any of us are out there shopping and for some already struggling stores. This was just too much on Friday. Jc Penney became several major retailers to declare bankruptcy. This has people wondering if more stores are GonNa Follow Marketplace's Jasmine Garsten reports Neiman Marcus J. crew and now JC penney have all declared bankruptcy. Pandemic has dealt a major blow to retail but even when the economy was booming these businesses struggled. They had crushing debt and too many brick and mortar stores at a time when people shop online experts. Say the lesson is if you can't do well during good times you'll fall quick during the bad ones Professor Erik. Gordon is what the University of Michigan the pandemic didn't put these companies out of business these companies. They were going down the drain before the pandemic. So you have to stay up to date. These are retailers fell behind the Times. And we're having trouble catching up. Gordon says we can expect more closures and bankruptcy filings. All eyes are on other industry. Giants like nordstroms which has already permanently shuttered down over a dozen locations. That's bad news for retail workers. Tens of thousands have been furloughed and more layoffs are expected. I'm Jasmine Garza for marketplace..
"jc penney" Discussed on WSJ What's News
"You might know ADP is the biggest name in payroll. But that's just the beginning because ADP is transforming the way great work gets done with HR talent time benefits and payroll informed by data and designed for people, that's ADP always designing for people. JC penney. And Kohl's the latest retailers to report earnings both saw a decline in sales in the latest quarter. Joining me now with more details is Wall Street Journal reporter, Suzanne cap ner, Suzanne. Well, both of these companies saw declines different factors were at play for each of them. What can you tell us about what led to the sales declines for JC Penney and Kohl's the big surprise was Kohl's, which had been doing pretty well for most of last year? They started to see things slow a bit in the fourth quarter, and then slowed much more in the first quarter of this year. They blamed it on weather and the fact that some of their competitors were a lot more promotional. So they're going to step up their promotions. And they've got some initiatives that they hope will get the sales growing again, later in the year, for instance, there, they have a partnership with Amazon, where you can return items bought on Amazon to any coal store by July. You'll be able to do that with penny, you know, they've been just in the dumper for long longtime, they've gone through many. Many management changes. They've, you know, since the days of Ron Johnson, the former apple exact who tried to really overhaul that company, they haven't been able to find their footing. They have yet, anew CEO in place, who is just trying to do get some of the basic things right? Like the ordering the right goods marketing them the right way, having, you know, not having too much inventory, and she hasn't fully outlined, what her big strategic vision is for the company yet. So we'll have to wait and see. But that, you know, that has been they've been they've been hurting, and they continued to hurt, but close was the reversal that kind of caught everybody by surprise when we look at other recent retail earnings, WalMart and Macy's both reported growing sales. What's hoped those retailers? Stay ahead of the curve that others haven't been doing. I mean, WalMart's been very aggressive in trying to be competitive with Amazon, you know, they bought jet, they've bought, you know, a whole bunch of companies. They've been spending a lot of money fixing up their stores. Macy's also has been you know, trying. All sorts of new ideas. They bought this company story that they're you know, incorporating into their stores, where like the, the format changes every four to six weeks, the product and the female changes over there, trying to just make their stores, a lot, more exciting. And so they're starting to see a little bit of traction there. And then, you know, of course, the big winner today was TJ X, which owns the TJ Maxx, marshalls discount chains. And they just continued to take share from all the other apparel sellers, their same store. Sales were up five percent you know, every quarter they seem to grow, even more. And you know, it's just they offer this amazing value. You know that's really the name of the game today. What about the ongoing threat of tariffs, we heard from Macy's when they reported earnings that another round could impact the furniture business. What are you hearing from retailers overall about the threat of tariffs? Well, they're obviously all very concerned, and the, the increase recently on the third tranche to twenty five percent from ten percent is starting to eat into. Margin's Cole said, but the big game changer for most retailers will be if this fourth tranche goes into effect that would cover all Chinese imports. And that's what they're all sort of gearing up for they're talking to their suppliers about shifting production out of China. What goods could withstand a price increase. What couldn't what are there any lines? They might have to stop selling. This is like the work..
"jc penney" Discussed on WWL
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"jc penney" Discussed on KNX 1070 NEWSRADIO
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"jc penney" Discussed on Newsradio 950 WWJ
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"jc penney" Discussed on WBBM Newsradio
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"jc penney" Discussed on Newsradio 950 WWJ
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"jc penney" Discussed on WSJ What's News
"Reporter Suzanne cap ner, Suzanne JC Penney says net sales fell ten percent in the quarter ending for Borys. Second. The company has also been undergoing management changes are the latest losses showing a further downward trend for the retailer. Yes, definitely it was a marked decline in the latest period and it also stands out because other retailers have done reasonably well during the holiday season, WalMart TJ Maxx, parent best buy, you know, there are numerous numerous retailers that did have a good holiday shopping season. So for penny to report these levels of declines is quite notable. Besides closing certain locations, how JC Penney working to change its business model to. Keep up with consumers who are shifting their shopping habits. Well, in some ways, it's like JC Penney. Redux they're really just trying to get back to some basic retailing principles like stocking the right merchandise being able to cleared out in a timely fashion pricing correctly. The CEO said, you know, she just really needs to get back to the, you know, the basic tenants of retailing. That's how far behind they. Are they need to really do that before they can start innovating? Although she did say she's trying to work on parallel tracks because they really, you know, they don't have all that much time to get things turned around part of the changes that JC Penney had undergone was shutting its private label brands that was under former apple executive Ron Johnson. Who's since left JC Penney. How they've been doing since then in terms of getting back to the core of what the businesses. Well, subsequent leaders did bring back those brands and they also brought back the promotions, you know, the discounts that penny customers go there for. And but you know, the damage was done. And once you lose a billion dollars in sales. It's very hard to get it back today. It's so competitive out there. So even though they sort of reinstated. Some of those things they're still suffering from from that mistake, and what does JC Penney dealing with in terms of debt? They've got about four billion in debt. You know, it does seem like they have sufficiently quitted for the time being. But you know, as they said, you can't cut your way to prosperity. They've got to figure out how to grow sales if they're going to survive, Suzanne, we've seen a lot of traditional retailers fall on hard times, not just in recent months, but over the past several years, including one of JC Penney's rivals here. Sears shoppers must be wondering if the writings also on the wall for JC Penney. You know, it's certainly a fair question. And it's a little too soon to know the answer. But you know, the clock is ticking for them and this new CEO really needs to figure out how to get people back in the store. She needs to be able to define what J C Penney stands for today because it's really lost a little. Bit of its identity, and you know, give people a reason to go there versus all the other choices. They have out there today. That's Wall Street Journal. Reporter Suzanne cap ner. Joining us in our studio with the latest news from JC Penney. Suzanne thank you so much. Thanks for having me. And that's what's news. I'm Anne Marie for totally in New York for the Wall Street Journal.
"jc penney" Discussed on WBT Charlotte News Talk
"At the JC Penney president's day sale. Get your home ready with beautiful must have that. Amazing prices fine print deals across the store up to fifty percents off curtains and five fifty nine JC Penney. Quick dry bath towels when you use your JC Penney credit card an extra twenty percents off coupon come in and save big JC Penney style and value for all offers valid to fifteen to eighteen credit offer subject to credit approval. Exclusions apply. See store JCP dot com for details. Bo Thompson back here, and you know, the H back system in my home has always worked. Okay. But there have been some things about it. That have always concerned me a little bit. For example, in the basement where I watch TV. I always have to turn up the TV when the heat comes on because the furnace is so loud. And then don't get me started on vents in my house that don't seem to go anywhere. It all seems like it could be a lot more efficient, you know. And as a homeowner I wanted to get a handle on things. And I wanted someone to listen to me and develop a unique and creative solution for my home. All Tampa is a family owned and operated heating and air company who will take the time to guide you through the entire process. How do I know that because that's what I'm doing with them right now, they came out to my house with the preconstruction meeting just a few days ago, they're putting in a new Lennox unit. And some really creative new approaches like taking my furnace and putting it on the other side of the wall and the crawlspace suspended. So I get all this closet space back not to mention I can hear the TV stay with me. I'll keep you up to date on the progress. And maybe you'll get some ideas for your home. In the meantime, Google all tamp heating and air conditioning. News talk eleven ten ninety.
"jc penney" Discussed on KIIS 102.7
"Every time I guess having failed. I really want to say that. Now. I wanna stand. I wanna let you. JC penney. Yeah. Good..
"jc penney" Discussed on BizTalk Radio
"Other retail continues to act pretty decently lows was up nine today but some of that had to do with somebody's taking a position in the company and i believe they've got a new ceo interesting enough they got the ceo from jc penney is that good but i guess the new ceo from jc penney was just babysitting it after already had the big problems as that dude who went came from apple destroy jc penney mabry tried to put them all in a mall try to make jc penney into a mall anyway so lows was up nine today volume was about four times average sales growth at lowe's nominal not thrilled for me the thrilling part growth a lot of them setting up here what i say a lot i think about that got about forty fifty names setting up i continue to not be worried about interest rates like others are because remember the central banks are not gonna do anything bad if the economy had south at the market takes a crap they will lower rates let alone raise rates and of course you've got europe and japan already doing their thing or prices are a worry if they continue higher opec has been lowering production forever and venezuela can't produce an eminem right now because the that moron is destroyed the country at.
"jc penney" Discussed on KVNT Valley News Talk
"I was a kid and before jc penney's parking garage and wolfgang you saw a story on is it ktar kt kt channel eleven is it gonna close serious there's a story that we're gonna play right now be vitalized downtown anchorage it's a big question but according to some things are moving in the right direction ktel evans lauren maxwell is live downtown and lauren what can you tell us about the plans well there's no denying that alaska is a beautiful state in the parts of anchorage that are breathtaking but downtown isn't always considered one of them and that's something that some people say should change during the day downtown anchorage is fairly bustling but it night many of these same streets are empty people who are trying to change that saved downtown needs to be a place where people want to visit but also to live we need to have more residential activity because anchorage should not be a place that rolls up the sidewalks when the workday is done business leaders gotta look at several developments that are currently in the works for downtown anchorage parcels that could soon sport condos or hotels then there's this the transformation of the downtown transit center the anchorage community develop into thority hopes to finalize a deal is early as next week that would add a one hundred forty three room hotel forty three apartments and a restaurant and bar if things work out they could break ground very soon you could have construction starting either later this year towards the end of the year or early next spray plans call for more building but there's also a landmark that may be coming down the jc penney parking garage was built in nineteen seventy two engineers say the aging structure needs a lot of money to make it safe if it's going to last beyond the next five years but the engineering studies show you get out past five years you're going to have to really make the determination to make some significant investments and the challenge is when we look at those investments that need to be made that are required to extend the life you can't do it make any sense it's better just to tear the whole thing down rebuild they hope to reach an agreement with jc penney that includes new parking but also be a place.
"jc penney" Discussed on WiLD 94.9
"Top jc penney yeah thanks good sure fear's way we uhhuh no got it finesse.
"jc penney" Discussed on KELO
"Recuits my parents also grew up in sioux falls everything was downtown so i mean all all the big green taylor is everything it was all downtown and i remain i i've got really vivid memories of going to princely jc penney had the only other than the airport had the only escalator in town gut the right the escalator jc penney they have the toys ecorse up on the top floor because they knew that kids would drag their parents who the whole store to get up to the top floor and i did every time we were there we gotta go at toys do we go and i wanted right the escalate when a very very vibrant downtown and then something happened the western mole opened the western mall opened at 12 or i should be at the 41st 41st in western it was the kennett the first big bowl in a number of stores left downtown went out to the western wall south a downtown started wobble and then something else happened the empire mall was built and it sucked the remaining life on a downtown like you can't believe businesses wanted to be more they do the people were he can't fault them they were doing what they thought was the right move for their business so they moved on to the empire mall and then as the years went on the a player mole expanded wanda pulling i think the lone remaining business that was near downtown was sears over on the other side of the viaduct everything good decided.
"jc penney" Discussed on Newsradio 950 WWJ
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"jc penney" Discussed on WGN Radio
"Morning at six on chicago's very own seven twenty wgn headed jc penney for the black friday mattress sale wednesday to saturday get sixty percent off natura says from brands like ceiling serta beauty rest and strengthen after plus get an extra 25 percent off with your jc penney credit are banned sixty month special financing with free delivery and free assembly hurry ends jc penney available intellect horse subject to credit approval minimum fire every not available in stores as yet health hefty jc penney for the black friday match a south blends data saturday get sixty percent off mattress this from brands like ceiling serta beauty rest concerns and plus get an extra twenty five an off with your jc penney credit are banned sixty months special financing with free delivery and free assembly hurry ends saturday jc penney available intellectualize ninety two point nine subject to credit approval minimum middle every not available in stores has yet health khin near your seat belt in third the metal fittings and tighten its draft and in the event of a sudden rush of cabin generosity your seat cushion can be used to grant wishes how by donating your airline miles tomato wish why because her frequent flier a county stopped as bad as your carry on and just like the workout clothes you pack union we're going to use all those miles but if you don't need to make a wish you.