Tag Archive for J.C. Penney

Zombie J.C. Penney Finally Files for Bankruptcy, in Deal with Distressed Debt Funds. Stock and Some Bonds Wiped Out

by Wolf Richter • May 16, 2020 • 139 Comments

Investors bet on this outcome for years. Covid-19 just sped it up by a few months. Department Stores Are Toast.

Brick & Mortar Meltdown’s Ugly Week in Record-Ugly Year

by Wolf Richter • Aug 9, 2019 • 113 Comments

Store liquidations in 2019 have blown past the full-year total of 2018. The phenomenon is proceeding with relentless momentum.

I’m in Awe of How Long Zombies Like J.C. Penney Keep Getting New Money to Burn. But Bankruptcy Beckons

by Wolf Richter • Jul 19, 2019 • 96 Comments

In 2013, I called Goldman Sachs a “snake-oil salesman” for underwriting a $1 billion J.C. Penney stock offering. Investors got wiped out. Now the longer-dated bonds, including a 100-year bond, have collapsed.

What the CEO of America’s Largest Mall REIT, Simon Property Group, Just Said about the Brick & Mortar Meltdown and How it’s Trying to Manage It

by Wolf Richter • Feb 2, 2019 • 62 Comments

“I prefer not to scare you at this point, okay. But it’s something that we’ve been able to withstand”: CEO David Simon.

“Retailers Are the New Oil & Gas,” Only Worse

by Wolf Richter • Mar 7, 2017 • 88 Comments

I’ve been doom-and-gloom on brick-and-mortar retail. But I haven’t been nearly doom-and-gloom enough, given the events of the past seven days. Includes my interview with The Financial Exchange, WRKO Boston.

J.C. Penney And Goldman: Lies, Scams, And Rip-Offs

by Wolf Richter • Sep 27, 2013 • Comments Off on J.C. Penney And Goldman: Lies, Scams, And Rip-Offs

Why would anyone buy this crap? No, not the clothes in J.C. Penney’s stores – which practically no one is buying – but the shares it just sold. It desperately needed to raise capital because it’s bleeding cash and won’t be around much longer without lots of new cash to bleed. So it did. At a horrendous expense, overnight, to existing stockholders.