Loeb said one of the retailer's large suppliers, vendors or national mall operators could offer it a financial lifeline or a buyout to keep the brand going without filing for Chapter 11.
Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Malls are closed or doing reduced business due to the coronavirus. It may seem alluring to buy the stock at 20 cents and hope for some sort of miracle, but you’d have equally good odds buying a lottery ticket.Copyright © 2020 InvestorPlace Media, LLC. Generally, the last gasp for a failing company is some sort of asset play. From the looks of the bond market, even the creditors are going to take a hit in this bankruptcy. Penney on Thursday said it plans to permanently close 154 stores, and may shut more. Outside investors might come in and try to grab brands, loyalty programs, real estate, and other such assets in return for cash, letting the ailing company meet its immediate bills.With J.C. Penney’s stock now trading for a paltry 21 cents per share, some traders have started grabbing it as a potential rebound play. Shop with us and enjoy an unbeatable selection of jewelry, clothing, shoes and more!
As of 2020, a buyout hasn't happened, but the stock continues to sell off and then see huge upside moves that quickly dissipate. Brookfield had no immediate comment while Simon did not immediately respond to a request for comment.Sycamore is weighing acquiring J.C. Penney outright or making an investment in the troubled retailer, the sources said.If the Plano, Texas-based company does not persuade enough lenders to approve its plan by the following day, July 15, the terms of its bankruptcy loan require J.C. Penney to abandon its reorganization efforts and pursue a sale.There is no certainty that the talks between Sycamore and J.C. Penney will result in a deal, which would require a bankruptcy judge's approval, the sources said.It is unclear how much Sycamore is willing to pay for J.C. Penney, which is in the process of permanently closing stores and cutting jobs.Sign up for free newsletters and get more CNBC delivered to your inboxDuring a court hearing on Thursday, U.S. Bankruptcy Judge David Jones approved fresh financing from senior lenders to aid J.C. Penney's operations while it navigates Chapter 11 protection, and expressed concern the 118-year old chain needed to restructure quickly to survive.Data is a real-time snapshot *Data is delayed at least 15 minutes. JCPenney, which was founded 118 years ago, filed for Chapter 11 protection on May 15. All rights reserved.
That’s precisely what has happened with J.C. Penney.Article printed from InvestorPlace Media, https://investorplace.com/2020/06/leave-jcp-stock-in-the-clearance-bin/.As we’ve seen with the fall of Sears, Bon-Ton, and others in recent years, oftentimes a department store stock ends up entirely worthless when the company go bankrupt.For what it’s worth, the current round of protests is likely to cause further problems for ailing retailers like J.C. Penney as well.©2020 InvestorPlace Media, LLCThe coronavirus was clearly the catalyst that forced J.C. Penney into bankruptcy.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes. ... Stock … And that was even before the national protests and looting started. We want to hear from you.J.C. When there aren’t enough assets to pay off debt holders, the common stock holders almost always end up with a big fat zero.