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Yeah, right . More like more dates pushed off. This is so dumb at this point
JCPenney Moves Forward With Closures of 140-Plus Stores as It Seeks to Exit Bankruptcy
J. C. Penney Company Inc. is moving forward with brick-and-mortar closures as it seeks to exit bankruptcy.
In a Thursday filing with the United States Bankruptcy Court for the Southern District of Texas, the beleaguered chain revealed that it is set to shutter 144 stores across the country. The locations are part of JCPenney’s plan to shut down 242 locations, announced five months ago in its Chapter 11 filing.
The move comes a month after the department store said that it had reached an agreement to sell its business to Simon Property Group and Brookfield Property Partners. As part of the deal, the mall giants plan to acquire “substantially all of JCPenney’s retail and operating assets” for $1.75 billion, with a combination of cash and debt.
In addition to the sale of its operations, JCPenney is forming a separate real estate investment trust and a property holding company, comprised of 161 of its real estate assets and all of its owned distribution centers. (On its website, the company said it operates a supply chain network of 11 facilities, including distribution centers, regional warehouses, online fulfillment centers and furniture distribution centers.) According to JCPenney attorney Joshua Sussberg of Kirkland & Ellis, the deal is expected to keep intact more than 600 stores and 70,000 jobs.
However, bankruptcy judge David Jones has yet to sign off on the agreement, which was contested just this week when debt holders led by Aurelius Capital Management announced their intention to bid for six of the retailer’s distribution centers and the aforementioned 161 stores. The judge gave the investment firm time to submit its plan before the end of next week, which is when the Simon-Brookfield deal is expected to receive approval.
After struggling for several years amid declining sales, numerous leadership changes and increased digital competition, JCPenney filed for Chapter 11 protection on May 15. It obtained $900 million in debtor-in-possession financing to aid operations. In late August, a court filing showed that its net loss for the month ended July 20 was $342.1 million, while revenues were $564.3 million, compared with an income of $46.2 million and sales of $621.7 million for June.
Correction: This story has been updated to show that the 140-plus closures were part of the 242 stores set to close as announced in JCPenney’s bankruptcy filing. The original story suggested that the 140-plus closures were in addition to the original 242 closures.
https://news.google.com/articles/CBMiUGh0dHBzOi8vd3d3LnlhaG9vLmNvbS9saWZlc3R5bGUvamNwZW5uZXktY2xvc2luZy1hbm90aGVyLTE0MC1wbHVzLTE3MTg1MTIyOS5odG1s0gFYaHR0cHM6Ly93d3cueWFob28uY29tL2FtcGh0bWwvbGlmZXN0eWxlL2pjcGVubmV5LWNsb3NpbmctYW5vdGhlci0xNDAtcGx1cy0xNzE4NTEyMjkuaHRtbA?hl=en-US&gl=US&ceid=US%3Aen
I had some rants about it but not sure if it’s what you are referring to
Yeah but I’m thinking he was talking about baby powder for after he gets done
They need to file a motion to disqualify the judge. This last refusal to give people time to present their ideas to the court is completely negligent. He let Scumburg keep pushing back the deadlines. He allowed Scumburg to have classified dealings with potential buyers to scare them off. Go back and listen to the judge on the tapes! He leads Sussberg to answer the way he wants him to answer. He attacks shareholders. I mean I can make a laundry list myself but a real attorney has ample evidence of this corruption
So true. Don’t get me wrong. As much as I’d like to see shareholders get something it’s clear they plan on not. So instead of worrying about if we are going to get something since we all know we may not, we should be fighting for real justice in this BK. Screw equity. This BK never should have happened. We have an attorney for JCP committing purjury and a judge who is purposely manipulating the bankruptcy in Scumburgs favor. This needs to come to an end and we need a new judge that will look at everything with an open mind. No more, oh I have so many years experience I know where this is going so I’m going to help it get there. F that judge.
What’s even worse is Sussberg has screwed over the judge multiple times and because the judge is trapped in his own stupidity for following Sussberg, he continues to try to cover it all up hoping no one brings it up in court. There is more than ample evidence of Judge Jones manipulating this bankruptcy. This last hearing tops them all. I hope these second tier lenders and Okin come together to fight against Scumburg and Jones. Jones literally allowed Scumburg to put all the power in First tier lenders hands even though it wasn’t necessary at all. The whole BK wasn’t necessary and had he actually listened he would have realized that from the get go.
It has been since like hearing 2 when he showed his cards. This only adds to the proof.
Hes not blind to it. That’s my point. He’s playing the game with Scumburg then trying to pretend he doesn’t know. It’s never showed up on my desk..... what do I do? Dude is so full of it. He knows there were more people involved and he’s just trying to act like oh I’ve never seen anything else show up.... lmao get outta here judge! Answering for Scumburg early on. Clearing the path for Scumburg. Letting him delay delay delay to push other buyers out. Now instead of taking the time for other offers he follows Scumburg lead to hurry up now before people figure out what’s happened. What a snake. Someone needs to file for a new judge man. This guy is as crooked as they come. It’s clear he’s working with them
We may see some other people jump out of the woodwork now since this has all been unveiled. This is messed up and the judge has allowed this gross negligence to happen. I hope the EC eats Scumburg for breakfast
Yes he said that but what’s funny is Scumburg said there were multiple bidders and none of them were brought before the judge. Matter of fact after months of allegedly working out a deal that would be best for everyone, suddenly they all disappeared. Then a new one comes in and immediately they tried to not let them bid but on the record the judge has to pretend that he’s willing to look at any plan. What? Where was he in the last negotiations???? Nowhere. The plans never make it to his desk somehow
Scuzburg and the first Lien holders are holding JCP and is hostage. He’s using confidentiality to keep us from knowing. They have spent months pushing people out of the bid for JCP rather than pushing to do something to benefit everyone. I think we all should demand transparency on what happened with the other bidders
Scuzburg said this is the only path all of a sudden. Where’d the other options go?? Why didn’t we see them??? Now Scuzburg trying to keep this new bid from going through. Seems pretty Obvious on what’s happening and I bet the delays were to push them out of the bid not to try to make the bid better for everyone
Scuzburg said this is the only path all of a sudden. Where’d the other options go?? Why didn’t we see them??? Now Scuzburg trying to keep this new bid from going through. Seems pretty Bobvious
Everyone knew about Simon but there were other “confidential” bidders that suddenly disappeared and no one is asking what happened or where did they go????? Wtf??? Scuzburg what happened there???
You know what would happen if someone else tried to bid? The first lien holders and JCP would all of a sudden find value in JCP and. Try to force the bid to go up then once that fell through we’d be left with the current bid. If there’s anything people should have learned from the last hearing it is that the first Lien holders have a lock down on this and are purposely forcing it to be in their favor. What happened to all the confidential bidders? Anyone ask that ? How much you wanna bet they forced them out on purpose? That’s why they kept all of that info confidential. So we wouldn’t know about the bids or about what happened. As far as Amazon goes I have no doubt they want some of the properties but were forced out early on because they were not gonna to pay everything they wanted them to. Instead Simon will rip off investors then sell the properties for the price they want or lease them to Amazon
RIP commons according as JCP goes ballistic
Got mine at 0807 Cs
I wish I was recording it. Lol want near my phone so I couldn’t tell who it was but dude was going off
Bahhhahahahahaha that was so funny!!!!!!! Did anyone else stay online and hear that?!
Lol this guy going off on air still
Looks like judge gonna let another bidder come into play!!!! Scuzburg getting shutdown!! Boom!
This dude is a tool. He’s been pushing this back now there’s another interested party and suddenly he wants to quickly end this? What a tool. Someone shut this guy up
Scuzburg complaining about what happens if JCP BK keeps going on while he is the one continuously pushing the dates back. What a moron
Omg this idiot telling us what this hearing is. Leave that for the judge Scuzburg
Already close to 400 caller mark! Get in while you can!
News! JCPNQ to start selling imagination station for Christmas!!!!! Woooooo!!!!!
$8 on deck! Get em while they’re hot!!! Got my limit set at $16!!!
Oh yeah!!!! Saw a $7 buy come in! Soon will be $7 per share!!! Woooooooo!!!!!
Fire everyone till this gets to $7 per share then hire people back!!! As JCPNQ goes ballistic
Pretty sure that’s what Scuzburg really meant. Red hearing. Seems to happen after every hearing
The red Hearing is today. Rofl see what I did there? Cause it will probably be red after the hearing.... lol
.75? This is on track to hit $7!!!!!! Wooooooo
Seems more to me like a 50/50 play. If this gets Them to finally make a deal for relief then they will say they did it. His group would say he strategically did it and it happened under him. Both sides could use it. However if no deal comes, there isn’t really a big negative consequence cause everyone already knows no deal was made yet. So gains outweigh the loss. However it would certainly help our case here if something was agreed upon.
Yes, some people like myself valued privacy over some foolish outburst in a court room.
These guys don’t seem to play around. Looks like gloves gonna come off
Well isn’t this interesting
“ Aurelius Capital Management is a US hedge fund. The company is run by Mark Brodsky, a lawyer formerly employed by Elliott Associates.[1] Mark Brodsky is a University of Pennsylvania graduate (BA) in Political Science in 1974
In October 2013, Aurelius attempted to force the government of Argentina to pay $1.3bn following the 2010 Argentinian default on debt.[1] The fund is branded a "vulture" by Argentina for its stance.[2]
Aurelius has been involved in debt restructuring of Dubai World and Tribune Co; and, in October 2013, The Co-operative Bank.[1] Aurelius led a push to apply $54 billion of Petrobas bonds governed by U.S. law in the state of New York.[3] In 2015 Aurelius bought large amounts of Ukraine's government debt before securing a preferential deal on its restructuring.[2] It has also been involved in the restructuring of debts owed by Puerto Rico.‘“
Maybe we’ll see a run finally on this news! That’s pretty sweet!!!
Wow.... something new finally!!!! Cool!! But is it real? That seems to be the thing to really figure out these days
Well dang. Guess people can’t use the stimulus package over the judges head anymore rofl