Major retailers’ court restructurings during the pandemic were fast-paced proceedings designed to cut debt and rent, and transfer ownership.
More brands, suppliers and landlords may wind up in bankruptcy as the much anticipated “return to normal” depends on vaccine distribution.
A comprehensive look at the many ways the coronavirus has severely hit brands across the industry.
The coronavirus shutdowns quickly reordered retail, sending many weaker and heavily indebted chains to court.
The retailer’s bankruptcy sale of its operating business to its landlords is complete, marking a new chapter in its 118-year history.
The retailer, working to close its going concern sale to landlords and lenders, also got its Chapter 11 plan approved in bankruptcy court.
A Texas federal district court denied a motion by the ad hoc equity group in the J.C. Penney bankruptcy to delay the retailer’s sale.
Company shares fell more than 33 percent during Monday’s trading session as a result.
The landlord’s take on retail is growing in importance as his empire grows with a stake in J.C. Penney.
A Texas bankruptcy court approved the sale to landlords and lenders, agreeing it was the retailer’s only viable option to stay in business.
The retailer heads to a hearing Monday on its deal with landlords and lenders, while shareholders have raised questions about value.
But the mall owner said the company will ultimately benefit from a leaner portfolio post-pandemic.
The retailer and majority first-lien lenders have settled with a minority lender group, and agreed to have a sale hearing next week.
The retailer said it is charting a course to exit bankruptcy before the holiday season.
The ongoing conflict between J.C. Penney’s lender constituencies reflects the ever-present struggles in a bankruptcy.