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2020-04-02 Economy
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Coronavirus wreaks havoc on J.C. Penney's future
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[FINANCE.YAHOO] The deadly coronavirus (aka COVID19 or Chinese Plague)
 ...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
has J.C. Penney teetering on the verge of extinction.
J.C. Penney said Tuesday it will extend the closure of its stores indefinitely because of the coronavirus pandemic. A majority of hourly store workers will be temporarily furloughed beginning April 2. In the meantime, a significant portion of J.C. Penney’s corporate staff will be furloughed. Employees will not be paid, with J.C. Penney pointing to in a blurb eligibility for unemployment benefits for some workers.
Most of the company’s workers in its supply chain and logistics centers were furloughed on March 20, and these will continue. J.C. Penney operates 850 stores in the U.S. and has 90,000 employees worldwide.
"These are difficult days all across the country and the globe. At JCPenney, we are making tough, prudent decisions to protect both the safety of our associates and the future of our Company," said J.C. Penney CEO Jill Soltau in a statement. "We remain optimistic about JCPenney’s ability to weather this pandemic. We also believe these short-term solutions will have a long-term benefit for our associates, customers, and key stakeholders as we look forward to the day that we reopen our doors."
J.C. Penney said it has taken several actions to improve its financial position. Some measures include deferring capital expenditures, tapping a credit revolver and extending the terms of payment for goods and services. The company said it’s evaluating other financial options, usually pre-cursor in retail for a high-yield debt offering.
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Posted by Fred 2020-04-02 00:00||
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Posted by magpie 2020-04-02 02:16||
2020-04-02 02:16||
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