117 Year Old Fashion Brand JCPenny going bankrupt Because of Corona Pandemic

The world economy is in turmoil due to the Corona coup. Many companies around the world have announced layoffs. Some have stopped paying employees. No one is being forced to shut down the company. The 116-year-old US chain department store JCPenny is on the verge of bankruptcy due to Corona's push. They have already filed for bankruptcy. This information was reported in the BBC online report.

JCPenny sells clothing, cosmetics, and jewelry at more than 850 locations across the United States. About 80,000 employees work in this company.

JCPenny filed for bankruptcy protection under Chapter 11 last Friday. The application sought permission to restructure the company even though it could not repay the loan.

Earlier last month, the luxury department store J Crew filed for bankruptcy protection. In April, news broke that JCPenny was bankrupt because he could not pay the interest. A month later that news is going to come true.

The company said in a statement that it had  500 million in cash. In addition, it has received another 900 million in financial commitments from lenders. They have already closed a few stores.

"The coronavirus epidemic has created unprecedented challenges for our families, our loved ones, our community, and our country," said Jill Solta, the company's chief executive.

Many companies are closing stores because of the large number of retailers across the United States. From March to April, retail sales in the country fell to a record of 16.4 percent.

The company was founded in 1902 in the state of Wyoming by James Cass Penny. Prices should be low and fixed, he believed in this principle. The company has survived the Great Depression of 1930. They were doing very good business in the twentieth century. However, due to the introduction of online shopping, Jesse Penny fell into a lot of trouble. They have been forced to close many stores in the last few years. Many workers were even laid off. Last year, they sold 10.7 billion, which is 7 billion less than the average income of the last 10 years. And this year they are going bankrupt due to the impact of the coronavirus epidemic.

Category and Tags
Add a comment
rabin barua @rabin1449
My name is Rabin Barua. i Am hear learning
117-Year-Old Fashion Brand JCPenny going bankrupt Because of Corona Pandemic. This article is very necessary and timely. Very good article but its a Sad news. Thank you for telling me about this article. I know of a school & fashion design house that has a good education in fashion. best fashion design schools in accra Riohs Originate is a Creative Art Service and Training Institute in Ghana.

They provide services and training for individuals/organizations that value their image, style, color and insist on promptness, accuracy and consistency.
More stories by
Robi Will Raise Tk 5.2b Through IPO

Robi, the country's second largest mobile phone operator, has started preparations to enter the capital market. Robi's parent company Axiata has also given conditional permission to raise Tk 523 crore from the Bangladeshi capital market through an in

Social Media- a New Marketing Tool: A Case Study on Bangladeshi Market

Prepared by:Shakila Islam EvanaLecturer (Marketing)Tejgoan Mohila CollegeAbstractSocial Media, today, is among the ‘best opportunities available’ to a brand for connecting with p...

Bangladeshi University Students to Get Loan for Smartphone From Government

All educational institutions in the country have been closed for a long time due to the ongoing pandemic Coronavirus. In this situation, educational activities are being carried out ...

Japan Will Provide Subsidy if the Factory is Brought to Bangladesh from China

The Japanese government has announced to subsidize its industrialists if they move their factories from China to Bangladesh to produce goods. The co...

Early Success in the Project of Placing Chips in the Human Brain!

Elon Musk's reputation as an entrepreneur is worldwide. Two of his most popular ventures are Tesla and SpaceX. In addition to these, he is moving forward with another different project. His new project is called Neur...

Follow Business Habit on Facebook, Twitter