The judge approved customary first-day motions that allowed Penney to continue paying employees, utilities and other operating expenses, including the honoring of gift cards.Penney owns a lot of real estate, and that property is probably drawing interest. However, H&M’s garment recycling program has been suspended in stores. The lenders will release that money if they support Penney’s business plan to exit bankruptcy, which has to be filed in June.Mall De Las Aguilas, 455 S Bibb St, Eagle PassTwo big deadlines loom if Penney is going to exit in November, the date it put on a proposed timeline.A total of 153 of Penney’s 846 stores will be open this week, including 34 in Texas, 12 in Florida, 7 in Indiana and 11 in Ohio.Stonebriar Mall, 2607 Preston Rd, FriscoNorth East Mall, 1101 Melbourne Dr, HurstUntil earlier this month, Sixth Street was funded by TPG, which was part of the group that sold Neiman Marcus in a 2013 leveraged buyout of the Dallas-based luxury retailer by a group led by Ares.
J.C. Penney is reopening stores in Texas, Florida, Indiana and Ohio on Wednesday as the clock is ticking in the largest bankruptcy filed since the coronavirus pandemic shut down the economy. The retailer said that it reopened its doors at 150 stores in 27 states. Penney will attempt to spin off its real estate into a separate company and permanently close stores while it’s still trying to reopen locations.J.C.
JCPenney… More than 150 JCPenney stores across the country are now back in business.“We’re taking a strategic approach in reopening our stores nationwide and will continue doing so in a phased approach based on guidance from the Centers for Disease Control and Prevention and local and state mandates,” EVP of stores Jim DePaul said in a statement.© 2020 Penske Media CorporationIt expects to close 192 stores by February 2021, or the end of the current fiscal year.
The Company will continue to follow guidance from local, state, and federal officials as it anticipates gradually reopening stores and offices in markets when it is safe to do so. J.C. Penney has filed a temporary restraining order against Sephora. Forty-one stores previously reopened. You have 85,000 people [Penney employees] depending on all of your skill sets and talents,” Jones said.Details have emerged about the chain’s difficult path for exiting Chapter 11. As part of its phased reopening plan, JCPenney intends to have another roughly 200 units back in business by June 3.
Some stores in dying malls are finding new life as fulfillment centers for online retailers.South Plains Mall, 6002 Slide Rd-Bldg A, LubbockIngram Park Mall, 6301 NW Loop 410, San AntonioRichland Mall, 6001 W Waco Dr, WacoLa Palmera Mall, 5488 S Padre Island Dr, Ste 4000, Corpus ChristiThe Rim, 17710 La Cantera Pkwy, San AntonioTech Ridge Center, 12351 N I-35, AustinBaybrook Mall, 100 Baybrook Mall, FriendswoodIt also said it would sell and lease back distribution centers to raise more cash.
JCPenney at Augusta Mall will be opening their doors soon, according to the company.
JCPenney, which filed for bankruptcy just two weeks ago, is in the process of reopening hundreds of stores. As a result of its store closures, JCPenney has made the difficult decision to temporarily furlough the majority of store hourly associates, beginning April 2. JCPenney has begun reopening stores. However, like many other large stores, the company says they're taking extra precautions.