J.C Penney's has Filed for Bankruptcy
Current Lakewood Mall retail mainstay J.C Penney's has filed for chapter eleven on Friday, joining other struggling retailers J. Crew and Neiman Marcus in filing for bankruptcy protection.
The bottom line:
J.C Penney's has been struggling for the past 20 years, accumulating several billion dollars of debt in trying to reimagine its business model, even hiring former Apple's retail stores chief as its C.E.O to no avail.
The company says it has $500 million in cash on hand and has received $900 million in financing.
J.C. Penneys has 846 stores nationwide, including Canada, and employs 90,000 people. JCP is trading at 0.165 on the stock market.
The company's bankruptcy filings come days after J.C. Penney's gave its top executives millions of dollars in bonus pay, according to a May 10th S.E.C filing.
Plenty of other retailers are expected to follow.