JC Penney Files For Chapter 11 Bankruptcy Protection

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

Post by storewanderer »

Went into the Reno Mall tonight. Walked up to the JCP and saw from a far distance the entry gate was closed, but store fully lit. Just after 7 PM so I assumed they close at 7 PM (some other random stores in the mall seem to be closing at 7 PM or 8 PM while the mall is open until 9 PM). Well, not quite what I thought. There is a single 8 1/2 inch by 11 inch piece of paper taped to the middle of the probably 40 foot wide mall gate into the store which is closed with probably 14 point font with this notice- "JC Penney Store Hours .... to 9 PM... Due to COVID Restrictions, must enter store from outside entry." So you have to go walk (about a 4-5 minute walk) outside to get into the store.

Okay, all I know is, the 2 Macy's anchor spaces in the mall as well as the Dick's anchor space in the mall allow entry from the mall (or outside if you park by one of their exterior entry points- Macy's does have 1 of its 5 exterior entry points closed but I think that was closed pre-COVID too).

I know these stores are checking capacity, etc., but closing off the mall entrance (when none of the other anchors are doing so) seems to be a very stupid move.

Maybe this chain just can't do anything right.

Also wonder how this business of only having one way into the store impacts the fire code.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by BillyGr »

storewanderer wrote: December 1st, 2020, 12:19 am Also wonder how this business of only having one way into the store impacts the fire code.
One would suspect that the gate could be opened fairly quickly if needed in an emergency (based on how stores have closed them when there is an issue in the mall, like a random shooter).

Though unless it was the only option (fire between you and the exterior exit(s)), it would still make more sense to head for a door that actually takes you outside than one that requires you to walk through more indoor space to exit.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by SamSpade »

The James Cash Penney statue is headed for the mother town / store, Kemmerer, Wyo. It will not be held by the company, but was donated to the city. As previously noted here, the town has a museum and draws in tourism on being "where JCPenney started it all..."

Article is presently a Dallas Morning News subscriber exclusive, ... found a home for the larger-than-life James Cash Penney statue

(If you want to subscribe to a newspaper. I highly recommend the Dallas Morning News)

Highlights:
  • Statue had to be moved quickly as company has abandoned headquarters / canceled its lease in bankruptcy in Plano as corporate employees work from home
  • No placement until May or June when ground thaws and snow melts, hope is to be in place for Fossil Fest this June
  • Mother store remains open, curbside pickup only, only source for apparel in town without going to Evanston (which means Walmart, even though they didn't say so)
  • No announced new home office for JCPenney yet, but in previous reporting likely to remain in North Texas (Dallas - FW)
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by storewanderer »

SamSpade wrote: December 15th, 2020, 2:17 pm The James Cash Penney statue is headed for the mother town / store, Kemmerer, Wyo. It will not be held by the company, but was donated to the city. As previously noted here, the town has a museum and draws in tourism on being "where JCPenney started it all..."

Article is presently a Dallas Morning News subscriber exclusive, ... found a home for the larger-than-life James Cash Penney statue

(If you want to subscribe to a newspaper. I highly recommend the Dallas Morning News)

Highlights:
  • Statue had to be moved quickly as company has abandoned headquarters / canceled its lease in bankruptcy in Plano as corporate employees work from home
  • No placement until May or June when ground thaws and snow melts, hope is to be in place for Fossil Fest this June
  • Mother store remains open, curbside pickup only, only source for apparel in town without going to Evanston (which means Walmart, even though they didn't say so)
  • No announced new home office for JCPenney yet, but in previous reporting likely to remain in North Texas (Dallas - FW)
JCP previously owned its corporate HQ and sold the entire campus maybe 2-3 years ago. It sold for a significant sum of money at the time. It looks like the lease they were paying on it was extremely high and given the current scenario, the fact that the chain is going to keep shrinking, and the work from home situation, they likely had too much HQ space for their current and future needs. However, it is odd for a company to have no formal HQ. I assume their IT, etc. must be housed somewhere...
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by mbz321 »

Looks like 15 more stores will close by March 2021. https://www.usatoday.com/story/money/sh ... 940925001/


Sadly I think this is only the beginning once holiday sales numbers come in.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by buckguy »

Nearly all are in small towns, which seemed to be the main strategy with the last batch of closings.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by babs »

buckguy wrote: December 18th, 2020, 12:38 pm Nearly all are in small towns, which seemed to be the main strategy with the last batch of closings.
Bet none are in Simon or Brookfield owned malls
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by storewanderer »

JCP in Reno Simon-owned Mall closing at I guess 10 PM tonight, but has reopened its mall entrance. Macy's open until Midnight, mall until 11 PM, and Dick's until at least 11 PM.

Aeropostle and Forever 21 open until 11 PM like the mall.

Will be interesting to see how the Simon group handles JCP going forward. Now that they partially own it, you'd think they would at least have the JCP Store hold to their mall hours...
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by Alpha8472 »

I think JCPenney would probably have no customers even if they opened until midnight.

JCPenney needs to do something to attract more customers and improve itself. I have not seen any ads online for JCPenney nor have I heard any radio ads. Even if they did a little bit of advertising, it might improve their sales.

I compared JCPenney at Sunvalley Mall to Macy's and it was like night and day. JCPenney was dirty and disorganized. The clearance section had clothes thrown all over the floors and no employees cleaning anything up. Some of the clearance clothing looked like it had been sitting around for years. Many items on clearance did not ring up at the prices that were on the clearance stickers. I see a pattern here. Maybe JCPenney is increasing the prices of everything including the clearance items. They are raising prices and not updating the clearance stickers.

The Macy's Men's store had a Macy's Backstage area that looked just like a mini department store. It had separate departments and its own checkout area. It was very organized and neat. There were many customers and the selection was great. The prices seemed reasonable and it was a pleasant place to shop at.
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Re: JC Penney Files For Chapter 11 Bankruptcy Protection

Post by storewanderer »

JC Penney may want to consider copying the Macy's Backstage format and putting a similar format of its own into its stores. JC Penney clearly has a major problem moving clearance merchandise and does not seem to price it properly either.

A lot of Macy's Backstage is not clearance items from the normal Macy's mix but some of it is from the normal Macy's mix. But it doesn't really matter where the products come from- the point is that this attracts a more price conscious customer to the store who may not otherwise shop there. JC Penney has a problem moving clearance items, and a problem attracting customers. A change like a store within the store concept may work for them- if they can run it properly. If the past 10 years are any indication, JC Penney cannot run anything properly and is one of the worst run retail organizations out there. At least you could say they have hit rock bottom so hard, all they can do is improve...
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