JCPenney Signs Asset Purchase Agreement with Brookfield, Simon and First Lien Lenders, Charting Course for the Future
5:23 pm ET October 28, 2020 (BusinessWire)
we are looking forward to operating under new ownership outside Chapter 11 in advance of the 2020 holiday season,” said Jill Soltau, chief executive officer of JCPenney. “This transaction is a testament to the thousands of dedicated employees who have been working incredibly hard over the last several months under difficult circumstances. Our customers are at the heart of JCPenney and we look forward to serving them under the JCPenney banner for decades to come. Our team remains laser focused on implementing our Plan for Renewal to Offer Compelling Merchandise, Drive Traffic, Deliver an Engaging Experience, Fuel Growth and Build a Results-Minded Culture.”
JILL YOU CORRUPT SORRY EXCUSE OF A CEO, MANY OF THOSE EMPLOYEES ARE SHAREHOLDERS AS ARE MILLIONS OF YOUR LONG TIME SHOPPERS WHO NEVER LEFT THE STORE...
Judge Jones cried when he read this from a shareholder cause it is the truth:
There are millions of individual equity holders, Employees and Retirees who have invested their lifelong savings in JC Penney in good faith. If they lose their investments, then there’s no come back for them. 20 to 30 years of savings, every penny that they saved with a hope for a stable future for their family and their kids is at risk with this
bankruptcy case. The mechanics of the bankruptcy code does allow the 1st lien holders to grab these assets disproportionately to their claims and Okin Adams and CR3 are helping us fight this battle against the corrupt and greedy “1st Lien and the Debtor”
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