How is anyone supposed to care about their job when there is literally no incentive. Everyone has been told all year that an increase in performance would mean an increase in wage.. guess not. Screw JCPenney
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To be clear, the post never said that Jill herself got the $10 mil. Her whole team got a total of $10 mil.
Outside of liquidation, I don't think it really matters which entity buys JCP. This company never showed any interest in improving associate wages when times were better. It was always about pushing the credit app fantasies. The odds that JCP will start paying competitive (retail) wages are nil. And I still think this thing is headed for liquidation even though it may not happen immediately.
Jills 4 million dollar bonus she got, she gets to keep as long as she stays until January 2021.
Please keep yourself informed do research. For those saying they aren’t liquidating.
Realize that they have to hit certain milestones, and one of them is today. That is the only way they will not go completely out of business. So you do not know what will happen. Only the judge makes that call in court.
Pray that Sycamore Partners doesn't buy JCP. Look what they did to Staples and Belk. Shameless greed at the expense of the employees.
If a new owner isn’t found does that mean JC Penney will liquidate and close all stores?
Who do you think the new owner will be?
We wonder why JCPENNEY put that statement out about their status, middle class always suffer, greed breeds greed. The hourly employees keep the store going, come to work most of the time to deal with customer issues or complaints meanwhile making enough to get by especially now, advise for the leadership group, save us the lies, when Montgomery Wards closed in the 90s, my son worked there, they all received a large going away gift and were able to purchase items half off, so you spending it back in the store if you needed things.
- Jcp wipes out debt for new owner
- Jcp buys out the coworkers ready to retire and that make higher wage.
- New owners take over with clean slate and lower payroll.
- 1 - 2 per hour raise for remaining coworkers.
5 the new owner will be who they said it wouldnt be.
Ummmm ... ok then. No one should have received bonuses nor raises while the company is fighting for its life.
What makes you so sure JCP is “sticking around”?
I would expect a company that touts integrity and “the golden rule” to understand that investing money into frontline employees will be much more beneficial in the long run than corporate bonuses. The company may be in bankruptcy, but is not liquidating everything, they plan to be around for longer. The CEO and corporate leadership are responsible for the decline of JCPenney, but they pass the buck to their poorest employees. Gross.
Ummmm ... JCP is in bankruptcy. What did you expect?
You are correct, JCP has suspended raises for this year. No store level associates will be receiving a raise.
How did you hear about this?