J.C. Penney In Portage Filing For Bankruptcy And Should Close
My first thought is how many more of these articles will I be writing in the days, weeks and months to come. It's a common theme in several of my online musings...the world is going to be a much different place when we come out the other side of this nightmare.
As I've pointed out before, many of the businesses that will follow in the unfortunate footsteps of J.C. Penny were already struggling and would probably have to call it quits anyway. Look at Sears and Toys R Us to name a few. But, again, these failures and then disappearances usually happen gradually and something else would take it's place in the retail landscape.
In the time of the pandemic, these situations happen fast and will continue to happen fast with nothing to fill the void. It reminds me of the onslaught of the "big box stores" and how the "specific" retailers started to fade away. What was the expression? "You can get tampons and motor oil all in one place."
Today, J.C. Penny announced it is planning to file for bankruptcy with little hpe of survival. According to a CNBC report there was talk of a $450 million loan in the works but they would have to meet certain requirements. Under normal circumstances of competition from other traditional retailers and online giants, meeting those goal would've been difficult at best.
This new normal which, by the way, hasn't even been clearly defined yet, makes expectations go from difficult to nearly impossible. Once again I say to you, you have no idea what's in store...no pun intended. Check out more of the stores that have closed and may have already been forgotten.