J.C. Penney submitted a confidential business plan to its lenders last week. Now, it has more time to review those plans with its lenders, who will help determine its fate.
J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy. The retailer employed about 90,000 workers as of February.
As part of the discussions, J.C. Penney would be able to draw $225 million of its bankruptcy loan on day one, and then have to hit certain milestones in order to obtain the second half of the loan.
If J.C. Penney files for bankruptcy without financing in hand, it could doom the department store chain's restructuring process.
Stage Stores has about 700 department stores predominately in small towns and rural communities. It employed roughly 13,600 full-time and part-time employees as of February.
The New York-based retailer had already been struggling under a heavy debt load and a sales slump amid criticism it fell out of touch with its once-loyal customers. The coronavirus pandemic has worsened its woes
The National Retail Federation wants more government aid in hopes of saving thousands of jobs during the coronavirus pandemic.
The gym chain is one of many fitness companies that has been under pressure amid state orders they close their doors to help prevent further spread of the coronavirus.
For Sycamore, a deal to buy Victoria's Secret would be a bet on a dominant player in the large intimate apparel industry. Still, the Victoria's Secret brand has had a tumultuous number of years.
Destination Maternity, which employs a little over 1,100 full-time and 2,300 part-time employees, owns 458 U.S. Stores as of February. The company's brands are Motherhood Maternity, Pea in the Pod stores Destination Maternity.
Sears Chairman Eddie Lampert struck a $5 billion deal to buy the company out of bankruptcy, saying it would preserve 45,000 jobs.
Amid the headlines of stores closures and retail bankruptcies, it can be tough to accept that the U.S. consumer is doing just fine.
Sears' former CEO, Eddie Lampert says severance to workers has been paid, and he defends himself against criticism of his tenure as CEO.
"The failure to make those payments would amount to a broken promise on your part," Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez say.
Sears opens its first Home & Life stores and plans to open more as it looks for a fresh start after bankruptcy.
Sears filed a lawsuit against its former CEO Eddie Lampert, Treasury's Mnuchin, and others for allegedly stealing billions from the retailer.
Sears will open three Home & Life stores in May, in Anchorage, Alaska; Layette, Louisiana; and Overland Park, Kansas.
Sears is back into court, less than one month after emerging from bankruptcy protection.
Sears Chairman Eddie Lampert's $5.2 billion deal to buy the retailer is expected to save 425 stores and roughly 45,000 jobs.
Eddie Lampert's $5.2 billion deal to buy Sears out of bankruptcy, is the only deal that would stave off liquidation and save 45,000 jobs. But Sears plans more store closures and layoffs in 2019.