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.
Amazon is positioned to be one of the biggest beneficiaries of the pandemic and the broader collapse of struggling retailers.
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.
As of April 2020, J.C. Penney saw its shares trading well below $1, and it has long been in danger of being delisted by the New York Stock Exchange. The fate of the company now rests in the hands of its new CEO, Jill Soltau, who took the reins in October 2018. Soltau plans to revitalize the retailer and bring it back to its roots by focusing on customer service, apparel, and low prices.
Stocks fell on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
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.
Pier 1 has drafted a bankruptcy plan and made a presentation to creditors last month, with a plan to create a smaller post-bankruptcy company with about $900 million in annual sales, a person familiar with the matter said on Monday. The Fort Worth, Texas- based Pier 1' s shares, which were trading around $500 in 2013, plunged to about $5 late last year.
More than 10,000 stores announced closures in 2019; and UBS estimates that number will hit 75,000 by 2026. Victoria's Secret, Forever 21, GNC and others are among a number of retailers in the danger zone.
Sears once towered over the retail landscape but has been on a slow decline for years. By February, the store count will be down to 128.
Target and Walmart look strong, but other retailers have been hit hard after weak earnings. Black Friday could bring short-term market relief for stocks, including Home Depot. Over the past five years, the retail group has climbed ahead of the event.
Levi Strauss CEO Chip Bergh had his work cut out for him when he took over the struggling blue jeans brand in 2011. But the former P&G brand expert saw the 166-year-old company as his ultimate challenge.
Kohl's is leading the losses after cutting its full-year profit estimates. Those losses dragged on fellow department stores including Macy's and Nordstrom.
Allbirds is planning to open 20 stores next year, the company's co-CEO Tim Brown said Monday.
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.
Retailers announcing bankruptcy and store closures in September include Forever 21 and the parent of Sears and Kmart.