https://nypost.com/2020/07/27/sycamore-partners-offers-1-75b-for-jcpenny-with-plan-to-grow-belks/?utm_source=url_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons
14 replies (most recent on top)
I worked at JCP until mid 2018. Belk and JCP are perfect bedmates when it comes to associate pay. JCP is another garbage big box retailer with sub $10/hr pay for associates and abusive store management.
Of course, this merger will end terribly. Sycamore will make tons of money off it either way, which is exactly what hedge funds are skilled at.
So you cut hours at the stores and now they have money to buy JC Penney? This place gets worse every day.
Formula for success:
1) Have failing business
2) Buyout a failed business
3) Combine 1 and 2
4) ???
5) Success!
You can put lipstick on a corpse, but it’s still a corpse
Glad to know all our pay cuts that they keep telling us that can’t afford to give us back are being put to good use. Not.
Great. 250 outlet stores for Sycamore owned brand, The Limited🙄.
Most JC Penny stores are not located in bustling, metropolitan malls, they are in
Suburban areas, middle to lower income, this is not an investment, in order to make money you have to cater to people that HAVE money, not some rural town where everyone is on food stamps.
They can’t pay $10/hr to staff the store, but they can spend almost $2 billion on JCPenny which went out of style with Whitesnake and Poison in 1989.
This is not good. Belk has such a bad credit rating and are already bogged down with debt. This will add more debt on top of it and more stores that they cannot staff or run properly. Terrible.
Expanding belk nationally to compete with Macy’s. Ummm. Ok then
belk is thinking of taking over JC Penny stores most of which are located in dying malls across the country, what the hell are they thinking? I
get out now!!!! This is almost too outrageous to believe. belk taking over JCP WILL NOT END WELL!!! Oh my goodness!!!! And Lisa Harper as CEO, lord help us..
Why not take that money and pay venders so we can get some new merchandise? Isn't that another solution?
Lisa Harper is going to run Belk and J C Penny at the same time? HA! Funniest part of the article. Saddest part is they cut our pay but have billions to buy another sinking ship. A-mazing!