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Death-Throes For JC Penny

April 27, 2020

I write this post with deep regret.

JC Penny is where middle-America has shopped for decades. I grew up with this store.  My mom bought me the suit in this store for my first day at Wisconsin statehouse.

The struggling retailer had an April 15 due date to make a $12 million interest payment. J.C. Penney said it would allow the due date to pass, noting that it has a “30-day grace period” for repayment before defaulting on the loans.

Despite the many challenges that have plagued the once-proud department store giant, J.C. Penney is still an American icon. Understandably, I want to be careful in how I address this sensitive topic. But no matter how I look at it, at now-less-than 25 cents, JCP stock screams trouble. Ultimately, I believe most people would prefer the honest truth rather than disingenuous fluff.

Frankly, J.C. Penney was as at great risk for collapse before the novel coronavirus struck the U.S. According to CNBC, 2019 was a record year for store closures. From what we’re seeing already, this year could trump those figures, no pun intended.

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