Find in the news:
BY COUNTRY

Another victim of the pandemic, J.C. Penney, is declaring bankruptcy



The American chain of J.C. Penney department stores specializing in selling clothes and accessories began bankruptcy proceedings.
J.C. Penney Wikimedia

A notice to that effect has been filed with the Bankruptcy Court for the Southern District of Texas. It was stated that an agreement had been reached with most creditors regarding the restructuring, but the company had to close most stores and fire many employees. The company also managed to raise new funds in the amount of $450 million, which will be used for restructuring. 

J.C. Penney is one of the oldest U.S. trading companies, founded back in 1902. Its best years were in the first half of the 20th century, but then, when shopping centers began to close across the country, consumer interest in classic department stores began to decline. As a result, by the end of the 20th century, a chain of almost 850 retail outlets had its first financial difficulties. We can say that the road to bankruptcy for J.C. Penney began a few decades ago.

The real problems for the company began when it was run by former CEO Ron Johnson, who took office in 2011. Johnson's previous management of the Apple store chain didn't help much. He complicated an already difficult task of managing a chain of stores by deciding to completely rethink that approach. Revised pricing schemes and an attempt to change the image of the stores eventually resulted in a sharp drop in sales and a huge loss of revenue. From these "improvements," the company has not recovered anymore, and in all subsequent years, it has only constantly accumulated new problems and debts.

The coronavirus pandemic only accelerated the inevitable. At a time when even healthy and powerful companies are experiencing significant problems, J.C. Penney had no chance of surviving.

And while J.C. Penney CEO Jill Soltau claims that the new strategy has led to significant results in the company's recovery, experts are skeptical. Allegations were made that the network's bankruptcy was expected, and all efforts to restore it simply delayed the inevitable but did not bring worthwhile results. However, some analysts doubt the future of the company, despite all the plans and funds received for the restructuring.

More about shopping malls in the USA



DAY BEFORE YESTERDAY, USA:
Tesla stores are leaving mallsThe electric car maker is taking another blow to the position of malls that are losing tenants one-by-one.
DAY BEFORE YESTERDAY, Estonia:
The initial value of the 55,000 sq.m. complex is €85 million.
Jul 28, 2021, United Kingdom:
Two years after Philip Morris announced its plans to expand the British chain, it has become known of its intention to close it completely.
Jul 28, 2021:
Those who have not been vaccinated will not access public spaces, such as government offices, restaurants, and shopping malls.
Jul 27, 2021, United Kingdom:
The chain of luxury department stores, founded in 1909, may change ownership.
Jul 20, 2021, USA:
LVMH will acquire a controlling stake in Off-White, with its founder retaining 40%.
Friend
and Follow
Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
Vegas Crocus City GLA:1 199 078 SF
ADDRESS: 61 km Moscow Ring Road
Russia . Moscow region
Vegas Crocus City
Asheville Outlets GLA:325 000 SF
ADDRESS: 800 Brevard Road, Asheville, NC 28806
USA . Asheville
Asheville Outlets
Charlotte Premium Outlets GLA:400 000 SF
ADDRESS: 5404 New Fashion Way Suite 100, Charlotte, NC 28278
USA . Charlotte
Charlotte Premium Outlets


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us