Wow!!!!
From the Shareholders
Overall, we are encouraged by the Debtors financial performance during these cases. The company continues to build cash which was at 1.263B (8K filed 7/14). Inventory stood at 2.016B (8K filed 7/24) and Real Estate (according to the companies own appraisals in dkt 513-1) was valued at 3.7B ("lit value"). These are baseline incontrovertible numbers before building up further for Enterprise Valuation. JCP's e-comm business had sales of 1.5B in 2019 (5/15 8K). Assuming EBITDA of 15% for e-comm, this part of the business alone generated 225M in 2019. Using an estimate of e-commerce multiples of 5x-10x, this business alone is worth 1.1B - 2.2B. We continue to believe in the value of this business as a going concern. I have been contacted from Forbes, Bloomberg, WWD, and many others who also see the value and believe in this 118 year old company.
