|Over a week ago|
Fly Intel: What to watch in Macy's earnings report » 11:0206/3006/30/20
M, JCP, SSI
Macy's (M) is scheduled…
Simon, Brookfield Property exploring bid for J.C. Penney, WSJ reports » 09:2906/2306/23/20
SPG, JCP, BPY
Simon Property Group…
Simon Property Group (SPG) is teaming up with Brookfield Property (BPY) to explore a bid for J.C. Penney (JCP), which filed for bankruptcy in May, The Wall Street Journal's Esther Fung reports, citing a person familiar with the matter. J.C. Penney is one of Simon's top anchor tenants, the report notes, adding that if the two sides reach a deal, it would be Simon's third tenant acquisition in four years and its third partnering with Brookfield. Reference Link
Ulta well positioned to capture share as Penny stores close, says Guggenheim » 07:1506/1606/16/20
Guggenheim analyst Steven…
Guggenheim analyst Steven Forbes believes Ulta Beauty's (ULTA) re-opening plans appear on track and that the company's e-commerce penetration rate will likely permanently reset to industry levels in 2020, both of which he sees setting up the company for broad-based share gains in 2021. Additionally, Sephora currently operates stores within 50 out of the 154 J.C. Penney (JCP) locations set to close over the summer and Forbes sees Ulta being well positioned to benefit from the near-term share transfer associated those store closures. He keeps a Buy rating on Ulta shares with a $270 price target.
Mall landlords, Authentic Brands mulling J.C. Penney bid, Bloomberg says » 14:0206/1506/15/20
SPG, BPY, JCP, JCPNQ
Simon Property Group…
Simon Property Group (SPG) and Brookfield Property Partners (BPY), the two biggest mall landlords, and Authentic Brands are in discussions over a bid to acquire bankrupt J.C. Penney (JCP), Bloomberg's Lauren Coleman-Lochner and Eliza Ronalds-Hannon report, citing people familiar with the matter. Authentic may partner with the landlords to buy the retailer as part of its court reorganization, the authors say, noting that talks are still fluid and may not ultimately end in a deal. Reference Link
Mall landlords, Authentic Brands mulling J.C. Penney bid, Bloomberg says » 11:5106/1506/15/20
JCP, SPG, BAM, JCPNQ
Mall landlords, as well…
Mall landlords, as well as Authentic Brands, are said to be discussing a potential J.C. Penney (JCP) bid, Bloomberg reports. Simon Property Group (SPG) and Brookfield (BAM) could possibly partner with Authentic brands on a bid, according to Bloomberg.
|Over a month ago|
Sycamore in talks to buy J.C. Penney if talks with creditors fail, Reuters says » 15:5006/0506/05/20
Private equity firm…
Private equity firm Sycamore Partners is in talks to buy J.C. Penney out of bankruptcy if the department store chain's negotiations with its creditors fail, people familiar with the matter told Reuters' Mike Spector and Jessica DiNapoli. Sycamore is weighing acquiring J.C. Penney or making an investment in the retailer, the report added. J.C. Penney filed for bankruptcy protection in May. Reference Link
Sycamore Partners in talks to buy J.C. Penney out of bankruptcy, Reuters says » 15:4506/0506/05/20
Private equity firm…
Private equity firm Sycamore Partners is in talks to buy J.C. Penney out of bankruptcy if the company's negotiations with its creditors fail, people familiar with the matter told Reuters.
J.C. Penney identifies first phase of 154 store closures » 17:5806/0406/04/20
J.C. Penney announced…
J.C. Penney announced that it has taken the first step in implementing its store optimization strategy. Following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit for the company, J.C. Penney identified the first phase of 154 store closures. Following entry of an order at the June 11, 2020, hearing with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas, store closing sales will begin at 154 locations. The company expects additional phases of store closing sales will begin in the coming weeks. As the company remains focused on its Plan for Renewal and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful eCommerce flagship store, jcp.com. Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete. "While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come," said Jill Soltau, chief executive officer of J.C. Penney. "I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers' expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect."
J.C. Penney receives court authorization to access DIP financing » 16:5406/0406/04/20
J.C. Penney announced…
J.C. Penney announced that it has received authorization from the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas to access its debtor-in-possession financing, which includes $450M of new money from its existing First Lien lenders. The company had previously received approval to access and use its approximately $500M in cash collateral. Under the terms of the DIP agreement, J.C. Penney has access to up to $225M immediately, and will have access to an additional $225M as needed after July 15, 2020, subject to certain conditions. In addition, the company's Ad Hoc Crossholder Group of lenders has agreed to participate in the rollup portion of the DIP in the amount of $53M. Jill Soltau, chief executive officer of J.C. Penney, said, "We are pleased to have received Court approval to access $450 million in new money, $225 million of which will be drawn immediately. This is a positive step forward that will help us execute our Plan for Renewal and store optimization strategy, continue working seamlessly with our vendor partners, fund our ongoing business operations, and continue our focus on further developing the Company's go-forward business plan to successfully restructure JCPenney. In recent weeks, we have safely welcomed back valued customers to nearly 500 JCPenney stores, and we look forward to opening additional stores while following guidance from local and state orders. This progress would not be possible without the hard work and dedication of our associates, and we remain confident we will emerge from both Chapter 11 and this pandemic as a stronger retailer."
Helmerich & Payne to replace J.C. Penney in the S&P 600 at open on 5/22 » 05:5505/2205/22/20
Helmerich & Payne…
Helmerich & Payne (HP) will replace J.C. Penney Company(JCP) in the S&P SmallCap 600. J.C. Penney filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code and is no longer eligible for continued inclusion in the S&P SmallCap 600.