JC Penney Files For Chapter 11 Bankruptcy Protection

Predicting the demise of Sears & Kmart since 2017!
timanny
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by timanny »

storewanderer wrote: June 4th, 2020, 11:36 pm
timanny wrote: June 4th, 2020, 9:53 pm
They didn't spend anything to get in. They were paid to go in by a surplus the city had from development fees to keep the mall from going down when Gottschalks went out of business. They had a ten year agreement and that's up this year. So you can see where this is going.
I thought Macys redid some of the flooring in the old Gottschalks... I guess it was in pretty good shape when they got it.

Is that Tracy Macys on the "neighborhood store" list or whatever the list is of stores is called they are planning to scale back services at immediately and probably close within the next few years?
It is on that list. Also on the list is Bayfair, which is sad considering it was one of Macy's California's earliest branch stores, but makes sense considering how close it is to Southland.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by babs »

As I suspected, some of the malls owners may try to save JCPenney. It might be cheaper in the short run to attempt to save JCPenney than spend the money to redevelop the properties in this environment.

Under one scenario being explored, Sycamore, Brookfield and Simon would join forces on a bid for JCPenney, two of the sources said.


https://nypost.com/2020/06/05/sycamore- ... -jcpenney/
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by marshd1000 »

I sometimes wonder if Kohl’s would or could try to take over some JCPenney locations? I know Kohl’s doesn’t normally locate in malls but yet they do have some mall based locations. I am sorry to see the Salem Center location go as that now means that the mall will only have Macy’s as the anchor. So city fathers and mall owners may want to repurpose that property as a open air mixed use development with some retail. Have it be a gathering space that will attract visitors downtown. Anchorage 5th Avenue Mall was always a 2 anchor mall with Nordstrom and JCPenney. The Nordstrom there is gone. That Penney’s made the cut. But Anchorage 5th Avenue and the city may also want to see and vision an alternative future for that space too! As for small town JCPenney stores, the one in Sequim, Washington is an unusual store in that it is in a strip mall. It was a relocation of the Downtown Port Angeles store. The Sequim store is not closing at this point. But the Sequim store is the only traditional department store left in Clallam County, WA after Gottschalks closed. That store is in a 1970’s build Safeway building.. I only mention the Sequim store as it is in a county that is not that well off economically, even in non-COVID times. But maybe there are enough retirees to keep that one around?
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by Super S »

marshd1000 wrote: June 6th, 2020, 3:15 am I sometimes wonder if Kohl’s would or could try to take over some JCPenney locations? I know Kohl’s doesn’t normally locate in malls but yet they do have some mall based locations. I am sorry to see the Salem Center location go as that now means that the mall will only have Macy’s as the anchor.
There is a Kohl's in Salem Center, which took over the old Mervyn's space.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by marshd1000 »

Super S wrote: June 6th, 2020, 10:23 am
marshd1000 wrote: June 6th, 2020, 3:15 am I sometimes wonder if Kohl’s would or could try to take over some JCPenney locations? I know Kohl’s doesn’t normally locate in malls but yet they do have some mall based locations. I am sorry to see the Salem Center location go as that now means that the mall will only have Macy’s as the anchor.
There is a Kohl's in Salem Center, which took over the old Mervyn's space.
You’re so right! I had a massive brain fart! I hope that Macy’s and Kohl’s can hold down the fort there and that some other suitable uses for the empty Penney’s and Nordstrom spaces can be found!
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by babs »

marshd1000 wrote: June 6th, 2020, 4:26 pm
Super S wrote: June 6th, 2020, 10:23 am
marshd1000 wrote: June 6th, 2020, 3:15 am I sometimes wonder if Kohl’s would or could try to take over some JCPenney locations? I know Kohl’s doesn’t normally locate in malls but yet they do have some mall based locations. I am sorry to see the Salem Center location go as that now means that the mall will only have Macy’s as the anchor.
There is a Kohl's in Salem Center, which took over the old Mervyn's space.
You’re so right! I had a massive brain fart! I hope that Macy’s and Kohl’s can hold down the fort there and that some other suitable uses for the empty Penney’s and Nordstrom spaces can be found!
Kaiser Station siphoned off a lot of traffic from Salem Center. Frankly office space or a health club is probably the most likely next tenant for the Nordstrom space. The JCPenney building is probably going to become street retail with office space above. I just can't see any retailer taking over that space.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by mbz321 »

marshd1000 wrote: June 6th, 2020, 3:15 am I sometimes wonder if Kohl’s would or could try to take over some JCPenney locations? I know Kohl’s doesn’t normally locate in malls but yet they do have some mall based locations.

Highly doubtful. Kohl's has its own share of problems, and in recent years, they have been trying to significantly downsize their locations.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by storewanderer »

mbz321 wrote: June 6th, 2020, 8:39 pm
marshd1000 wrote: June 6th, 2020, 3:15 am I sometimes wonder if Kohl’s would or could try to take over some JCPenney locations? I know Kohl’s doesn’t normally locate in malls but yet they do have some mall based locations.

Highly doubtful. Kohl's has its own share of problems, and in recent years, they have been trying to significantly downsize their locations.
I think it is possible Kohl's may pick off a few of these locations. I think the mall locations are probably not the best fit given the malls are primarily in decline and Kohl's generally has stores of its own in the same trade areas as the better malls, but those little medium market JCP Stores in 30-45k square foot spaces may be good for Kohls. That is about the size of the store Kohls is opening today.

I don't think it will be a large number of stores, probably similar to the number of Kmarts that have gone to Wal Mart or Target (very few, but not zero).

It would be interesting to see if Kohls would relocate some of its freestanding stores into former mall based JCP Stores (highly doubt they'd trade modern stores for those old mall stores but there may be circumstances where it would make sense).

JCP runs a former Mervyns in Ukiah, CA (they did minimal remodeling). Strip mall location.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by marshd1000 »

I also wonder in some locations if Walmart would take over a former JCPenney? I know that in Bellevue, WA, Walmart took over the old Mervyn’s at The Marketplace at Factoria. That store is the only newer non supercenter Walmart around Seattle.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by Alpha8472 »

Walmart is contemplating closing stores right now. They are being hit hard by looters practically every night this week. This is so ridiculous, that the store gets looted and then restocked the next day. Then the store is looted again, and then restocked the next day.

Target is also fearful. They are closing stores early or not even opening up at all. Pretty soon looters will have no more room in their houses for all the stolen merchandise.
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