Any ideas what will this mean for layoffs?

C. Penney Co. will exit Chapter 11 in early- to mid-2021, after filing for bankruptcy protection in May, due to effects of the COVID-19 pandemic.

The Plano-based retail giant announced Monday in a release it has completed its sale to Simon Property Group and Brookfield Asset Management, Inc. went through — under which Simon and Brookfield acquired all of JCPenney’s retail and operations assets, or OpCo.

“Today is an exciting day for our company, as we have accomplished our goal of putting JCPenney on a secure path for the future as a private company so that we can continue to serve our loyal customers,” said JCPenney CEO Jill Soltau, in a prepared statement. “With this closing, our operating company has exited Chapter 11 and is continuing under new ownership and the JCPenney banner.

The JCPenney purchase was approved by the U.S. Bankruptcy Court for the Southern District of Texas in November. Simon and Brookfield acquired the assets through cash and new term loan debt, and took on JCPenney’s (NYSE: JCP) debtors-in-possession and first-lien lenders.

Additionally, at the end of last month, JCPenney’s plan of reorganization was approved to create separate property holding companies made up of 160 real estate assets and all of its owned distribution centers, to be owned by the retailer’s DIP and first lien lenders, the release said. The OpCo will continue to operate the properties via master leases. These changes are expected for the first half of 2021.

Upon its sale of OpCo, the company now has access to $1.5 billion of new financing, including a new asset-based lending facility led by Wells Fargo and the FILO facility.

Kirkland and Ellis LLP, Lazard and AlixPartners LLP are serving as legal, financial and restructuring advisers to JCPenney, respectively.

https://www.bizjournals.com/dallas/news/2020/12/07/jcpenney-exit-bankruptcy.html

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What changes are coming? Didn’t see any information

More layoffs and closings! All stores will be closed by the end of next year and turned into Covid Concentration Camps, with the employees turned into guards, as specified by their updated employment contract from August, to which they each signed their names on and dated.

Most people signed the email to continue with the new company although management said it didn't matter if people signed the letter or not. It just felt weird also the last of vacation hours that people had got paid to them.

People have in fact been let go of. I worked for them and it seems as though managers had weeded through staff and picked on their “favorites” to sign on to co op. We received this news through a last minute email and from receiving a newly posted schedule for January. If you weren’t on the schedule, well you know you didn’t make the cut, or simply kiss a– enough to be kept. There were a lot of troubling experiences at this company in 2020 excluding the bankruptcy. For one they did NOT provide proper protocol in regards to the COVID 19 pandemic. I was exposed to an employee who had chosen to come to work sick. Because she didn’t have a fever (the only symptom they have reason to send someone home over) they continued to let her work. Exposing me directly to the virus. I worked in Enterprise Fulfillment with her almost every day until I learned she tested positive for the virus. I didn’t learn through management or HR, but from co workers gossiping. They never had the courtesy to come to me directly and encourage me to get tested. More than likely they didn’t want to provide off work benefits to any other team members. Very off putting experiences and unprofessional management. The lay off didn’t surprise me much after reading the email. Oh well, at least now I can collect unemployment benefits like the rest of America.

For a moment i got worried that people were going to get let go when i first saw the email. After reading it twice it made more sense.

Not sure but employees have received info on incoming changes as the store changes its name. There's an email circulating about it

Thread regarding JCPenney layoffs

Any ideas what will this mean for layoffs?

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