by Bob Walsh
It is starting to look like the venerable retailer J C Penny may be killed off as collateral damage by Covid-19.
The chain has had it's issues, including some disastrous decisions made by a previous CEO a couple of years back. They had, however, been regaining market share and stabilizing. Unfortunately they have some debt coming due this month and some major debt coming due next month and their ability to meet that debt is in serious question.
They may simply ask their debtors to give them some slack. They may fail for bankruptcy protection to get the slack.
Personally I would hate to see them go. First Montgomery Wards. Then sort-of Sears. Then Orchard Supply. Brick-and-mortar retail is a rough line to be in right now, except for guns and medical supplies, and that's assuming you have anything to sell.
2 comments:
Our local Sears store closed two weeks ago.
Our is mostly only open for e-commerce pickup, though the auto service center is still functioning. I think they get a fair bit of business from students and faculty at the Community College right across the street.
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