JCP owns 1.5 billion dollars of real estate, which is several hundred stores. Most of these will be liquidated. Belk and Sycamore will get instant revenue from selling these stores, I believe this is the "lifeboat for Belk" Sycamore was referring to. The injection of cash flow from liquidating all that real estate,
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I wonder if the media has ever considered investigating sycamore, like 60 minutes? it
Would make for great television
Sycamore will probably only pay 20 percent of that. The rest will be added to Belk's enormous long term debt. In short term they will sell the real estate and make millions.
So sycamore is spending $1.8 billion to buy $1.5 billion in so-called “real estate”. Huh?
At the expense of thousands of JCP jobs. Sad.