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Posts tagged 2020
WWD: J.C. Penney Ups the Count on Store Closings

J.C. Penney Co. Inc. is upping the count on its store closings.

The bankrupt retailer, as part of its “store optimization strategy,” disclosed Monday evening it will close 13 stores on top of the 136 units being liquidated. However, even more closings will be revealed.

Matt Kaden2020
WWD: J.C. Penney’s Survival: What Are the Odds?

For J.C. Penney, ensuring survival is an awesome task.

Extinguishing debt, fresh financing, closing weak stores — all of that is enabled through the bankruptcy, yet that doesn’t guarantee a lasting turnaround of the lumbering retail giant.

Matt Kaden2020
BoF: What the Bankruptcy Onslaught Means for the Future of Retail

When Modell’s Sporting Goods filed for Chapter 11 Bankruptcy in March, it was supposed to be a standard liquidation: the New York-based retailer would conduct going-out-of-business sales at its 134 locations and then close the stores. The proceeds would go to creditors. Just days later, many US states went into lockdown. Modell’s stores closed, making going-out-of-business sales impossible. On March 27, a New Jersey bankruptcy judge granted Modell’s a month-long reprieve, which was later extended to the end of May.

Matt Kaden2020
WWD: Bankrupt Neiman Marcus Another COVID-19 Casualty

Neiman Marcus Group finally fell on Thursday — but is looking to get back on its feet quickly.

Crushed under $4.5 billion in debt from its latest private equity buyout, starved of revenues by the coronavirus shutdown and racing to connect with consumers in a more digital world, the luxury department store filed for Chapter 11 protection from creditors in the U.S. Bankruptcy Court for the Southern District of Texas.

Matt Kaden2020