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Sycamore Partners in talks to buy JCPenney

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Sycamore Partners in talks to buy JCPenney

Private equity firm Sycamore Partners is in preliminary talks to get JCPenney out of bankruptcy in the event the US department store chain negotiations with its creditors fail, three people who know the matter said on Friday.

JCPenney shares jumped nearly 55 percent on the news.

JCPenney, which employs around 85,000 people, filed for bankruptcy protection in May after the pandemic coronavirus forced him to temporarily close more than 800 stores across the US, adding to the financial problems caused by years of reduced sales.

Sycamore is considering buying JCPenney directly or investing in a problematic retailer, the source said.

There is no certainty that talks between Sycamore and JCPenney will result in an agreement, which will require bankruptcy judge approval, the source said.

JCPenney is also in contact with several owners, including Brookfield Asset Management and the Simon Property Group, about the possibility of a transaction, the source said. Under one scenario being explored, Sycamore, Brookfield and Simon will join the effort to JCPenney, two sources said.

The source requested anonymity because the discussion was confidential. Sycamore and JCPenney declined to comment. Brookfield has no immediate comment while Simon does not immediately respond to requests for comment.

JCPenney is in discussions about giving up control to its lenders in exchange for reducing nearly $ 5 billion in debt. This relies on many investment companies that hold senior corporate debt and have provided bankruptcy financing for the company to approve the JCPenney business plan on July 14.

If the company based in Plano, Texas does not persuade enough lenders to approve its plans the next day, July 15, its bankruptcy loan requirements require JCPenney to abandon reorganization efforts and pursue sales.

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It is unclear how much Sycamore is willing to pay for JCPenney, who is in the process of closing shop and permanently cutting work.

Sycamore, a private equity firm in New York specializing in retail and consumer investment, has in the past controlled well-known businesses such as the Staples office supply chain, Talbots women’s clothing retailer and Belk department store operator.

Last month, Sycamore came out of a $ 525 million deal to buy a majority stake in L Brands’s Victoria’s Secret, when the pandemic was hammering sales in the clothing chain.

Brookfield and Simon operate malls throughout the US. Brookfield in May said it would devote $ 5 billion to non-control investments designed to revitalize retailers struggling after a coronavirus outbreak.

During a court hearing on Thursday, US Bankruptcy Judge David Jones approved new funding from senior lenders to help JCPenney’s operations while navigating Chapter 11 protection, and expressed concern that the 118-year-old chain needed to restructure quickly to survive.

In July, lenders will “decide whether the dream is alive or the dream is dead,” said Cathy Hershcopf, a creditor lawyer, during the hearing.

Under the plan that is being discussed with its creditors, JCPenney will be divided into two companies. One is a real estate investment trust that will take part of company property and lease it back to JCPenney. The other will operate the JCPenney retail business.

Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing JCPenney, said during Thursday’s trial that the company needs to persuade lenders to negotiate to keep the restructured business alive and that he plans to hold them accountable for the ending case.

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Even in less busy times, many retailers, including Barneys New York Inc. and Toys ‘R’ Us, have failed to reorganize under bankruptcy and bankruptcy protection for good.

JCPenney said Thursday it will permanently close 154 stores, and may close more. So far almost 500 stores have reopened so far due to a pandemic, and plan to bring additional locations online in the coming weeks. However, there remain concerns that customers may be slow to return amid health problems and job losses not seen since the Great Depression.

JCPenney also requested permission from landlords to pass rent payments for June, July and August, Sussberg said last week.

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Joao Almeida became the champion of Portugal in cycling

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Joao Almeida became the champion of Portugal in cycling

This Sunday, Portuguese cyclist João Almeida (UAE-Emirates) became the Portuguese champion in cross-country cycling for the first time, winning the elite national championships held in Mogaduro.

In his first online race since Joao Almeida was forced to pull out of the Vuelta Italia after testing positive for the coronavirus, he won his first national title since becoming time trial champion in 2021.

Almeida crossed the finish line in Mogadora, covering the 167.5 km distance in 4:08.42 hours, 52 seconds behind Thiago Antunes (Efapel) second, Fabio Costa (Glassdrive-Q8-Anicolor) third, and Rui Oliveira (UAE). – Emirates), fourth.

In the end, João Almeida stated that he was “very pleased” with the victory, admitting that the race “went very well” and thanking his teammates.

Former national champion José Neves (W52-FC Porto) did not finish the race, as did Rafael Reis (Glassdrive-Q8-Anicolor) who won the time trial title on Friday.

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Portuguese military admits ‘it will take time’ until territory is taken under control

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Portuguese military admits 'it will take time' until territory is taken under control

The “path” chosen for about a year in the fight against rebel groups in the province of Cabo Delgado in northern Mozambique is “the right one,” Brigadier General Nuno Lemos Pires said in an interview with Lusa.

“Now, while the situation is not fully under control, we all understand that, as in any other counter-terrorism situation in the world, it will take a lot of time,” added the head of the European military training mission, although he acknowledged that this “ does not mean that sometimes there are no fears and failures.

However, “this is part of what constitutes an action taken against terrorists who operate in a very wide area, who in themselves have the initiative and the ability to hide in a very wide area,” he said.

In fact, he stressed, many of the recent attacks that have taken place in the south of Cabo Delgado in recent weeks are due to the fact that Islamist extremist rebels had to “flight from the north” of the province.

“Because this was a consolidated military operation carried out in close cooperation between the Mozambique Defense and Security Forces (FSS), [e com as forças d]Rwanda and SAMIM (Southern African Development Community Mission (SADC) in Mozambique), who were clearing out the intervention areas that existed in the area, the reaction of many terrorists was to flee the area, go further south, where they were not pursued. , and make new attacks,” he explained.

“In such cases, the initiative almost always belongs to the terrorists. There are few of them, they hide among the population, they move over very large territories, with a lot of dense vegetation, it becomes very difficult to find them, but you can easily move,” he continued.

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On the other hand, the Portuguese general emphasized, “it is now difficult for these groups” “to concentrate power and forces for large-scale operations, as was the case three years ago during the conquests, such as Mocimboa da Praia or Palma.” ,” he said.

“They don’t have that ability. Many of these attacks even demonstrate [estratégias] survival [clássicas das guerrilhas]. They’re looking for food, they’re looking for supplies, they’re searching deep down for a place where they can survive, because the area is already under quite a lot of control. [por parte] Mozambique FSS, Rwandan forces and SAMIM,” he explained.

In this context, Nuno Lemos Pires highlighted the “quick response” of the Mozambican authorities to each of these developments, starting with head of state Filipe Nyusi.

“I think it is exemplary that the moment there is a movement or a series of significant attacks in other areas, we immediately see the President of Mozambique heading north, linking up with his Chief of the General Staff of the Armed Forces (CEMGFA). , with the Minister of Defense, with the Minister of the Interior, and outline plans on the ground for a quick change of equipment and the ability to respond to such movements,” he said.

During one such trip to northern Mozambique in mid-June, Mozambican Interior Minister Arsenia Massingue said that Mozambican police were informing the “enemy” – the rebel forces in Cabo Delgado – about the positions of the FDS and allied forces on the ground.

However, Lemos Pires downplayed the situation. “We must be aware that there are infiltrations in any political system. It’s happening everywhere. Ignoring this dimension is tantamount to ignoring what is happening everywhere,” he said.

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“I don’t know of a single case of insurgency, counterinsurgency, terrorist or counter-terrorist combat where these leaks didn’t happen frequently. You need to be careful. .

In addition to the vastness of the territory that has been the scene of conflict and the topography favorable to insurgent guerrilla strategies, the porous borders with Tanzania to the north of Cabo Delgado and Malawi to the northwest also pose a danger. challenges the SDF and allied forces of SAMIM and Rwanda.

Lemos Pires also relativized this question. “We are talking about transnational terrorism, and it is good to understand that the situation in the north of Mozambique, in Cabo Delgado, is not limited and is not limited – and has never been limited – exclusively and exclusively to this region. A phenomenon that exists throughout Africa. , namely in Central Africa,” he said.

The UETM commander even took advantage of this circumstance to formulate an “extended response” to “a broad problem, a regional one, and the solution must also be a broad regional one.”

Therefore, “it’s very good what we see here on the ground, in fact, this is the unification of the efforts of regional African forces to try to deal with a problem that really worries everyone,” he concluded.

“What happens in one region can affect another. That is why it is in everyone’s interest that these groups be fought, detained and that the narrative that they are currently spreading can be counteracted – we hope that there are fewer and fewer successes,” the Portuguese general stressed.

NPS // PYAA

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Lusa/The End

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Sporting confirmed the title of champion of Portugal in futsal and became a two-time champion of the country – Notícias de Coimbra

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Sporting confirmed the title of champion of Portugal in futsal and became a two-time champion of the country - Notícias de Coimbra

Today, Sporting CP confirmed the title of Portuguese futsal and became the champion of the country, once again beating Benfica 4:3 in the third game of the play-off final at the Pavilão Joao Rocha stadium in Lisbon.

With this triumph, the Lions add their 17th national title, become two-time champions and achieve something unprecedented in the sport in Portugal, reaching the title by winning every play-off game and completing this feat with three wins in the final against rival Lisbon , winning the first two matches 5-4 and 4-3 respectively.


If in the first two matches the “lions” always started on the losing end, this time the team of Nuno Dias reversed the trend and led through Pauleto (05 minutes), making it 2-0 due to Cavinato (13) and Cardinal (18). ) signed a third before the break.


In the second half, André Sousa (26) moved to Benfica, Ziki (33) turned Léonin’s lead into a 4-1 lead, and Artur scored twice for the Eagles (34 and 39).

Sporting seized the initiative from the very beginning, and after Pani Varela threatened to hit the post, Pauleta really opened the scoring for the Lions with the next move, only having managed to pull over to the side of the road with a well-aimed blow. pole, after help from Eric.

Alvalade’s team were encouraged by the goal, and in the following betting twice he cost Benfica André Sousa, who, thanks to two excellent interventions, avoided Sporting’s second goal.

However, even the “elastic” goalkeeper of the “eagles” could not prevent the score from 2:0 in the 13th minute, when Cavinato appeared “in the face” of the goalkeeper to deflect a free kick from Alex Merlin.

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The “party”, which took over the Joao Rocha pavilion due to the Lions’ two-goal advantage, led to an overabundance in the stands: the fans broke the glass next to the “red” bench, due to which the game was interrupted for several minutes.

Three minutes before the end of the first half, Benfica had a great opportunity to close the gap: Sporting punished Sporting with a free kick for the sixth foul: Arthur missed him in a one-on-one match with Goncalo Portuguese, hitting the post.

The “punishment” for the Luz team was even more severe a minute later when the Cardinal made it 3-0 to the national champions. Pauleta, in an individual move, took all the defense of the “Reds” to the “tug” and filed for a support, which, in front of the helpless Andre Souza, chose a side and struck for the score.

In the second half, despite a greater lead in the match when Benfica appeared to be shaken by a big disadvantage, Sporting saw the opposition close in on the score thanks to a 26th-minute André Souza goal. even touched Merlin before entering the gate in Gitta’s defense.

Shortly after that, Benfica could have re-entered the final discussion, but Arthur, after a combination with Carlos Monteiro, hit the post again, missing the opportunity to make the score 3:2.

Benfica failed, while Sporting responded with a fatality, and Ziki stamped his name on the scorecard in the 33rd minute: first Pani Varela hit the iron, and then the green-white center was faster on reload.

After two iron balls, Artur finally “set” his goal and lowered it to 4-2 in the 34th minute. Toward the last minute, the central “incarnate” made the score 4:3 and left the result open until the end, but Sporting even became the national champion for the seventh time during the “reign” of Nuno Diaz as coach of the team from Alvalade. .

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The game was played at the Joao Rocha Pavilion in Lisbon.

Sporting – Benfica, 4-3.

During the break: 3-0.

Labels:

1:0, Pauleta, 05 min.

2:0, Cavinato, 13.

3-0, Cardinal, 18.

3-1, André Sousa, 26.

4-1, Ziki, 33.

4-2, Arthur, 34.

4-3, Arthur, 39 years old.

Teams:

– Sporting: Gitta, Eric Mendonza, Joao Matos, Diego Cavinato and Alex Merlim. Also playing were Tomas Paco, Cardinal, Pauleta, Pani Varela, Esteban Guerrero, Ziki Te and Gonçalo Portugal.

Coach: Nuno Dias.

– Benfica: Andre Souza, Romulo, Robinho, Rocha and Ivan Chishkala. Also played were Afonso Jesus, Artur, Carlos Monteiro, Bruno Sintra, Rafael Henmi, Silvestre Ferreira and Jacaret.

Coach: Pulpis.

Referees: Cristiano Santos (Porto), Ruben Santos (Porto) and Joao Sinval (Braga).

Disciplinary Actions: Yellow card for Robinho (11), Bruno Sintra (12), Cardinal (12), Jacaret (16), Pauleta (29), Romulo (32), Zika (32) and Afonso Jesus (34).

Attendance: about 2000 spectators.

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