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Shortage of hair stylists?
JCP is bread and butter? Yum! Feed me more! Thank goodness you already bringing the jelly!
Extremely surprised no leak good or bad....
Right? Lol. My broker makes me pay to buy more. :(
Its obvious the writer lacks the intelligence that many investors have been here for years buying JCP. I was buying back when it was $15 per share. That doesnt make people amatures just because the company took a different path than they said they would
Thank you. I missed this one. Appreciate the info!
I imagine he's updating just because some lame investor tried to say the committee wasnt communicating in one of the hearings. Even after they had sent out an update for everyone that signed up for it.
Since I have falsely been accused of fantasizing I'm going to now. I fantasize this weekend news will leak, Monday stock will be frozen and deal submitted to Judge.
I would not want to be on the sidelines! That's for sure!
They signed a non disclosure agreement so yes. Until its public knowledge they cant say anything
Please provide a link. I chat find anywhere that backs up this claim.
What if this needing more time is a ploy and instead they all of a sudden get the plan approved? Kinda wondering if this is being done to try to make people on the fence think they have more time to buy.
Yet seeking alpha claims to know the plan lol.
I'm not gonna lie. I'm really excited to see what comes of JCPenney. With all the positive vibes today it looks like we have exciting days ahead!
Lots of news and chatter going around. Tomorrow should be interesting for sure!!!!
"making loans to companies that falter.
His $14-billion Avenue Capital firm has capitalized on such struggling brands as Hertz (HTZ) , Macy’s (M)and J.C. Penney (DE:JCP) ."
So we have an article about multi billion dollar investors investing in JCP and we have an extension to continue talks with investors and creditors to make a good deal for ALL! Looks like things are great here!!!
"The business plan document isn’t public and wasn’t filed with the court but has been shared with lenders, creditors, the ad hoc equity committee and potential investors"
I'd love to have the written transcript of that to post here!
Straight from the courtroom! Plan is being made that is very positive and will be good for ALL!
‘I know you’re not supposed to say this, but it’s a once-in-a-lifetime opportunity. You’re not going to see this again: Where you’ve actually got an economy that’s fine, and you’ve got a Fed pumping trillions of dollars in.’ —
That’s Marc Lasry, hedge-fund manager and billionaire co-owner of the Milwaukee Bucks, explaining his stance on the investment landscape in a chat Wednesday on Yahoo Finance.
While stocks should also fare well in the scenario he described, Lasry said it’s debt investors like himself who are poised to do “extremely well” making loans to companies that falter.
His $14-billion Avenue Capital firm has capitalized on such struggling brands as Hertz (HTZ) , Macy’s (M)and J.C. Penney (DE:JCP) .
https://www.msn.com/en-us/money/savingandinvesting/the-coronavirus-has-given-investors-a-once-in-a-lifetime-opportunity-says-hedge-fund-billionaire/ar-BB16uyVr
Follow the money!!!!
Pretty sure he stressed this was a very positive development and that they are needing more time to work out this deal that is best for everyone!!!! Doesnt get much better than that until they show us the deal!!!! Super positive and upbeat hearing!
Sweet!!!! Need more time to work out deal that is best for everyone!!! Love that!!!
Let's see what happens today!
And the judge would not answer why walmart was on the 3rd party list either
Maybe they thought it was $32 per share
Right. He pretty much floored JCP when he told them we were going to get a committee. They weren't expecting that at all
BUYOUT FIRM SYCAMORE PARTNERS SAID IN TALKS TO BUY JC PENNEY
Written by Staff Writer on July 7, 2020
Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co. Inc. out of bankruptcy should the U.S. department store chain's negotiations with its creditors fail, three people familiar with the matter said on Friday.
J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the United States, compounding financial woes that stemmed from years of dwindling sales.
Sycamore is weighing acquiring J.C. Penney outright or making an investment in the troubled retailer, the sources said.
There is no certainty that the talks between Sycamore and J.C. Penney will result in a deal, which would require a bankruptcy judge's approval, the sources said.
J.C. Penney is also in touch with some of its landlords, including Brookfield Asset Management Inc and Simon Property Group, about possible transactions, the sources said. Under one scenario being explored, Sycamore, Brookfield and Simon would join forces on a bid for J.C. Penney, two of the sources said. Wells Fargo & Co is also involved in the discussions, one of the sources said.
47% after Reuters reported on the talks, ending the day up 55% to close at 32 cents.
The sources requested anonymity because the discussions are confidential. Sycamore and J.C. Penney declined to comment. Brookfield had no immediate comment while Simon and Wells Fargo did not immediately respond to requests for comment.
J.C. Penney is in discussions about handing over control to its lenders in exchange for reducing its nearly $5 billion of debt. This hinges on a slew of investment firms that hold the company's senior debt and have provided the company's bankruptcy financing agreeing to J.C. Penney's business plan by July 14.
If the Plano, Texas-based company does not persuade enough lenders to approve its plan by the following day, July 15, the terms of its bankruptcy loan require J.C. Penney to abandon its reorganization efforts and pursue a sale.
It is unclear how much Sycamore is willing to pay for J.C. Penney, which is in the process of permanently closing stores and cutting jobs.
Sycamore, a New York private equity firm that specializes in retail and consumer investments, has in the past taken control of high-profile businesses such as office supplies chain Staples, women's clothing retailer Talbots and department-store operator Belk.
Last month, Sycamore walked away from a $525 million deal to buy a majority stake in L Brands Inc's Victoria's Secret, as the pandemic hammered sales at the lingerie chain.
Brookfield and Simon operate malls across the United States. Brookfield in May said it would devote $5 billion to non-controlling investments designed to revitalize retailers struggling in the wake of the coronavirus outbreak.
During a court hearing on Thursday, U.S. Bankruptcy Judge David Jones approved fresh financing from senior lenders to aid J.C. Penney's operations while it navigates Chapter 11 protection, and expressed concern the 118-year old chain needed to restructure quickly to survive.
In July, the lenders will "decide whether the dream lives or the dream dies," said Cathy Hershcopf, a creditors' lawyer, during the hearing.
David Kurtz, a Lazard Ltd banker representing J.C. Penney, said during the hearing that "four major institutions" had signed confidentiality agreements to discuss working with the company and its lenders on the retailer's restructuring. He did not name them.
Sycamore, Brookfield, Simon and Wells Fargo are the four unnamed parties, one of the sources said.
Under a plan being discussed with its creditors, J.C. Penney would be split into two companies. One would be a real estate investment trust that would hold some of the company's property and lease it back to J.C. Penney. The other would operate J.C. Penney's retail business.
Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing J.C. Penney, said during Thursday's court hearing that the company needed to persuade lenders negotiating to take control of the restructured business to keep it alive and that he planned to hold them accountable for how the case ended.
Even in less-fraught times, many retailers, including Barneys New York Inc and Toys 'R' Us, have failed to reorganize under bankruptcy protection and gone out of business for good.
J.C. Penney on Thursday said it plans to permanently close 154 stores, and may shut more. It has so far reopened nearly 500 stores that were closed due to the pandemic, and plans to bring additional locations online in coming weeks. Still, concerns remain that customers might be slow to return amid health concerns and job losses not seen since the Great Depression.
J.C. Penney is also seeking permission from landlords to skip rent payments for June, July and August, Sussberg said last week.
https://stallingsnewsvoice.com/buyout-firm-sycamore-partners-said-in-talks-to-buy-jc-penney.html
We should know the plan at latest next Wednesday! I'm guessing we find our sooner! Super excited!
1994 Bezos founded Amazon this day in history. Hmmmmmm interesting timing. Going to definitely keep an eye out next couple days
Congrats longs! Efforts paying off! They are having to reevaluate their 2019 amounts for current value!
We all know they cant come out and say shares are going to be fine but it doesnt get much closer than things like having buyers for each part of the company.... and figuring out who is going to carry which stores and which debt... this is just a no brainer
Awesome write up and reflection of what we heard in court! Must read for those who didn't hear the hearing! I specifically remember the part of them needing to decide what goes where and what debt each would carry. All the more reason we are safe here
Interesting article that connects the dots with Macys as third. This may explain them on the third party list.
https://footwearnews.com/2020/business/financial-news/jcpenney-macys-hire-financial-advisers-coronavirus-1202965948/#utm_medium=social&utm_source=email&utm_campaign=social_bar&utm_content=bottom_amp&utm_id=1202965948
https://legacy.alixpartners.com/en/MediaCenter/PressReleases/tabid/821/articleType/ArticleView/articleId/291/Macys-EVP-Steven-Nevill-Joins-AlixPartners-Retail-Practice.aspx
It's possible Wal-Mart could be a bidder. Judge just danced around that question and wouldn't elaborate what connection Wal-Mart had on the third party list
Wow crazy!!! What a weird finish again!
It was clearly told to the judge the plan has changed many times since this process began and they are sending a plan to the creditors by July 8th and needs to be approved by July 15. That's the facts in this case. Only people who have seen more than what is on court docket is those who signed NDAs
Fact is they said they had buyers for every part of the company on the call. They didn't say anything about any part of the company being left behind
Bahahaha over 900 mil on hand cash, 100 mil ahead of where they projected. 4 serious bidders.... lol it's obvious commons are going to do just fine here