PLANO, Texas (June 4, 2020) – J. C. Penney
Company, Inc. (OTCMKTS: JCPNQ) today announced that it has taken
the first step in implementing its store optimization strategy.
Following a comprehensive evaluation of its retail footprint and a
careful analysis of store performance and future strategic fit for
the Company, JCPenney identified the first phase of 154 store
closures. Following entry of an order at the June 11, 2020, hearing
with the U.S. Bankruptcy Court for the Southern District of Texas,
in Corpus Christi, Texas, store closing sales will begin at 154
locations.
The Company expects additional phases of store closing sales
will begin in the coming weeks. As the Company remains focused on
its Plan for Renewal and driving sustainable, profitable growth, it
intends to reduce its store footprint and focus resources on its
strongest stores and powerful eCommerce flagship store,
Alyssa milano nude pathology. Store closing sales for the first round of
store closures are expected to take 10-16 weeks to complete.
“While closing stores is always an extremely difficult decision,
our store optimization strategy is vital to ensuring we emerge from
both Chapter 11 and the COVID-19 pandemic as a stronger retailer
with greater financial flexibility to allow us to continue serving
our loyal customers for decades to come,” said Jill Soltau, chief
executive officer of JCPenney. “I am incredibly grateful to our
talented associates for their ongoing dedication and their passion
for meeting and exceeding our customers’ expectations during this
difficult and uncertain time. All impacted associates will be
treated with the utmost consideration and respect.”
Ms. Soltau continued, “We will remain one of the nation’s
largest apparel and home retailers as we continue to operate a
majority of our stores and our flagship store, Public car fucking,
to ensure our valued customers continue to have access to the
products and brands they need and want. As of June 4, 2020, we have
reopened nearly 500 stores since government officials have eased
COVID-19 restrictions and we look forward to opening more. We are
excited to welcome back our customers and associates at these
locations, and we will continue to take actions to be best
positioned to build on our over 100-year history.”
The list of 154 stores that will begin closing sales can be
found on the Ashlynn brook nude. JCPenney continues to monitor CDC
guidelines, as well as state and local mandates, to inform its
practices, taking extra precautions and going above and beyond
those recommendations to ensure the safety of its associates and
customers.
As previously announced on May 15, 2020, JCPenney entered into a
restructuring support agreement with lenders holding approximately
70 percent of JCPenney’s first lien debt to reduce the Company’s
outstanding indebtedness and strengthen its financial position. To
implement the financial restructuring plan, the Company filed
voluntary petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.
Additional Information
Additional information regarding JCPenney’s financial restructuring
is available at Liam ferrari only fans. Court filings and information
about the claims process are available at Noureen dewulf sexy, by
calling the Company’s claims agent, Prime Clerk, toll-free at
877-720-6576 or sending an email to Selena gomez icloud photos.
Advisers
Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving
as financial adviser, and AlixPartners LLP is serving as
restructuring adviser to the Company.
Forward-Looking Statements
The Company has included statements in this communication that may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
“expect” and similar expressions identify forward-looking
statements, which include, but are not limited to, statements
regarding sales, cost of goods sold, selling, general and
administrative expenses, earnings, cash flows and liquidity.
Forward-looking statements are based only on the Company’s current
assumptions and views of future events and financial performance.
They are subject to known and unknown risks and uncertainties, many
of which are outside of the Company’s control that may cause the
Company’s actual results to be materially different from planned or
expected results. Those risks and uncertainties include, but are
not limited to, risks attendant to the bankruptcy process,
including the Company’s ability to obtain court approval from the
United States Bankruptcy Court for the Southern District of Texas
(the “Bankruptcy Court”) with respect to motions or other requests
made to the Bankruptcy Court throughout the course of the Company
and its subsidiaries’ Chapter 11 cases (the “Chapter 11 Cases”),
including with respect to any proposed debtor-in-possession
financing; the ability of the Company to negotiate, develop,
confirm and consummate a plan of reorganization; the effects of the
Chapter 11 Cases, including increased legal and other professional
costs necessary to execute the Company’s reorganization, on the
Company’s liquidity (including the availability of operating
capital during the pendency of the Chapter 11 Cases), results of
operations or business prospects; the effects of the Chapter 11
Cases on the interests of various constituents; the length of time
that the Company will operate under Chapter 11 protection; risks
associated with third-party motions in the Chapter 11 Cases;
Bankruptcy Court rulings in the Chapter 11 Cases and the outcome of
the Chapter 11 Cases in general; conditions to which any
debtor-in-possession financing is subject and the risk that these
conditions may not be satisfied for various reasons, including for
reasons outside the Company’s control; general economic conditions,
including inflation, recession, unemployment levels, consumer
confidence and spending patterns, credit availability and debt
levels; changes in store traffic trends; the cost of goods; more
stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell the Company merchandise
on a timely basis or at all; trade restrictions; the ability to
monetize non-core assets on acceptable terms; the ability to
implement the Company’s strategic plan, including its omnichannel
initiatives; customer acceptance of the Company’s strategies; the
Company’s ability to attract, motivate and retain key executives
and other associates; the impact of cost reduction initiatives; the
Company’s ability to generate or maintain liquidity; implementation
of new systems and platforms; changes in tariff, freight and
shipping rates; changes in the cost of fuel and other energy and
transportation costs; disruptions and congestion at ports through
which the Company imports goods; increases in wage and benefit
costs; competition and retail industry consolidations; interest
rate fluctuations; dollar and other currency valuations; the impact
of weather conditions; risks associated with war, an act of
terrorism or pandemic; the ability of the federal government to
fund and conduct its operations; a systems failure and/or security
breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information; legal and
regulatory proceedings; the Company’s ability to access the debt or
equity markets on favorable terms or at all; and the impact of
natural disasters, public health crises or other catastrophic
events on the Company’s financial results, in particular as the
Company manages its business through the COVID-19 pandemic and the
resulting restrictions and uncertainties in the general economic
and business environment. Please refer to the Company’s Annual
Report on Form 10-K for the year ended February 2, 2020, and
quarterly reports on Form 10-Q filed subsequently thereto, for a
further discussion of risks and uncertainties. There can be no
assurances that the Company will achieve expected results, and
actual results may be materially less than expectations. Investors
should take such risks into account and should not rely on
forward-looking statements when making investment decisions. Any
forward-looking statement made by the Company in this communication
is based only on information currently available to it and speaks
only as of the date on which such statement is made. The Company
does not undertake to update these forward-looking statements as of
any future date.
Media Relations:
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About JCPenney:
J. C. Penney Company, Inc. (OTCMKTS: JCPNQ), one of the nation’s
largest apparel and home retailers, combines an expansive footprint
of approximately 850 stores across the United States and Puerto
Rico with a powerful e-commerce site, Mmg bella instagram, to
deliver style and value for all hard-working American families. At
every touchpoint, customers will discover stylish merchandise at
incredible value from an extensive portfolio of private, exclusive
and national brands. Reinforcing this shopping experience is the
customer service and warrior spirit of nearly 85,000 associates
across the globe, all driving toward the Company's mission to help
customers find what they love for less time, money and effort. For
additional information, please visit Arica sky nude.
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