I believe this purchase of JCP is a smokescreen for for something nefarious.
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Isn't amazon interested in jc penny?
I think they need the cash flow that selling all that real estate will bring. JCP owns 1.5 billion dollars worth of real estate (they own several hundred stores). Most of which they will liquidate. Instant revenue.
In the past month Belk has:
- Laid off over 50% of their corporate office
- cut pay for managers making under $45,000 a year
- cut $10-$15/hr associate hours while increasing store hours
- Failed to pay vendors
- operated stores on a skeleton staff of under 16 people
- Laid off asset protection staff and executives
- failed to pay rent in some locations
And yet they want to expand nationally and open another 200-300 stores. WTF is happening here?