JCPenney is about to emerge from Chapter 11 bankruptcy

JCPenney Gift Cards It appears that the 96 year-old department store JCPenney is about to emerge from Chapter 11 bankruptcy.

Since the summer of 2011 JCPenney has reported net profits in only five quarters all of them in the holiday shopping season. Even before the current round of store closings JCPenney had shuttered more than 20% of its stores while cutting more than 40% of its staff since 2011.

Some of JCPenney’s stores and distribution centers will be taken over by the hedge funds and Buy JCPenney Gift Cardsprivate-equity firms that financed the company through bankruptcy according to CNBC in exchange for forgiving some of the $5 billion in debt.

Big box competitors have captured more of that business during the current crisis. The fact that they sell groceries allowed Walmart (WMT) and Target (TGT) stores to stay open as essential retailers during stay-at-home orders. Both have far more robust online sales than JCPenney.

The company with roughly 70,000 employees has since reopened stores but about 150 of the 850 locations it had when it entered bankruptcy are closing for good.

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