The fact is, despite good effort by capable people, J.C. Penney is stuck in the department store morass, with overwhelming debt and a bleak future. The retail and cloud giant is exploring a potential bid for J.C. Penney, the distressed clothing retailer that … The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness.
This is a common practice when a company officially files for bankruptcy.The company had also just avoided defaulting by way of a $17 million payment to a senior secured term loan credit facility.Now, Amazon could be moving in. Amazon, meanwhile, carries an earnings valuation in the triple digits. However, long-term investors may wonder what happens to a stock that is bought out if they don’t actually sell the shares. “There is a dialogue, and I’m told it has a lot to do with Amazon eager to expand its apparel business,” the source said, according to the outlet.© 2020 What’s Next Media and AnalyticsPYMNTS reported Friday that JCPenney’s bankruptcy filing came after the company reached an agreement with 70 percent of its lenders as well as a debt restructuring program expected to help reduce the debt and provide more flexibility particularly in the middle of the financial crisis.The coronavirus pandemic, with its wide-spread closings of non-essential businesses like mall clothing retailers, was a death blow for the already-struggling JCPenney, which has faced similar problems of other department stores, such as an increasing focus on eCommerce over physical retail.But the coronavirus, as CEO Jill Soltau said in a statement, had created “unprecedented challenges” for employees and their families and thus forced the company to make difficult decisions, even in light of what she said were improvements in the company prior to the pandemic.Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.——————————One source, according to WWD, was “in Plano as we speak,” referring to the Texas city where JCPenney is headquartered.Neither JCPenney nor Amazon had any comment to reporters on the issue.Get our hottest stories delivered to your inbox.JCPenney is also expected to have more store closings.

Amazon is going shopping, according to a new report. Amazon has made bold moves in times past, such as its acquisition of Whole Foods Market and its large investments in electric vehicles.Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content.Get market updates, educational videos, webinars, and stock analysis.JCPenney filed for Chapter 11 bankruptcy reorganization Friday, citing the coronavirus pandemic as a core reason. Amazon buying J.C. Penney could become one the smartest moves Amazon has ever made.
According to the U.S. Securities and Exchange Commission, that would bring the number to 604 total, Fox Business reported. The information and content are subject to change without notice.The acquisition of JCPenney could potentially bolster the online retailer's burgeoning apparel business. Wall Street Stock Market & Finance report, prediction for the future: You'll find the J. C. Penney share forecasts, stock quote and buy / sell signals below.According to present data J. C. Penney's JCP shares and potentially its market environment have been in bearish cycle last 12 months (if exists). The retailer has been struggling for years and plans to close nearly 200 stores this year and an additional 50 stores next year.

The JCPenney department stores face pressure from Amazon (AMZN). Amazon stock climbed 1%, closing at 2,449.33 on the stock market today.. JCPenney filed for Chapter 11 bankruptcy reorganization Friday, citing the coronavirus pandemic as a core reason.

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