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
XRP Price Going to be Triple After the Joe Biden's Inauguration

Because of some political issues at the time of Donald Trump XRP faced a lot of difficulties. These issues could be solved by a mutual discussion of both US policy and XRP. Because of the arrogant and prompt decision making, XRP had some trouble in t

Facebook Going to Remove the like Button from Public Pages

Facebook authorities are removing the like button from public pages. The social media giant has started this process in January of this year.Facebook mentioned the "Like" button has been removed from public pages used by incorporated artists, public

Elon Musk is Now the Richest Man in the World After Jeff Bezos

The world got a new top rich in the new year. Elon Musk, CEO of e-commerce giant Amazon, has been replaced by Jeff Bezos, the world's richest man, and now Elon Musk, owner of Tesla and SpaceX. Mask's assets amount to 18 thousand 500 million dollars.

PayPal Allows Bitcoin Transactions

Bitcoin has been added to the list of transactions on PayPal, a popular global online payment system based in the United States. Not just Bitcoin; PayPal has also added cryptocurrencies or virtual currencies like Ethereum and Lightcoin to its payment

10 Thousand Crore Messages Everyday on WhatsApp

WhatsApp, a popular messaging app owned by Facebook, is exchanging around 100 billion or 10 trillion messages every day. Facebook CEO Mark Zuckerberg said at a recent quarterly earnings show that there has been a significant increase in WhatsApp usag

Follow Business Habit on Facebook, Twitter