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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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Portuguese government to allocate 30 million euros to help Ukrainian refugees in Poland – Cidade Hoje

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Portuguese government to allocate 30 million euros to help Ukrainian refugees in Poland – Cidade Hoje

The City Council of Santo Tirso today returned to Desportivo das Aves the Portuguese Football Cup trophy won in the 2017/2018 season, which the municipality bought at an auction two months ago for 30,000 euros.

“This was an injustice that our own justice wanted to bring up for discussion, but it needs to be reconsidered. It is disgusting that there are legal aspects that prevent the title from passing into the hands of others when it has been very well won on the field. The city council did only what it was responsible for, which is to keep the heritage of the population, the club and the land in the right place, ”Mayor Alberto Costa repeated to reporters.

The handover of the scepter took place on the full lawn of the CD Aves stadium, in Vila das Aves, between the winning reception of Desportivo das Aves 1930 in favor of Rio de Moinhos (3-1), in the 13th round of the 4th Series of the Football Association Division of Honor Porto.

Conquered on 20 May 2018 by beating Sporting CP in the final of the Queen’s competition (2-1) at the Estadio Nacional in Oeiras, the trophy was laid in the context of northern South Africa’s insolvency, having been put up for public auction from August to October.

A “double” by Alexandre Guedes against a goal from Colombian Fredy Montero “sealed” the unprecedented success of “Avences”, then managed by José Mota, just five days after the invasion of the Accademia de Alcochete, where supporters attacked several “Leonin players”.

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“The City Council of Santo Tirso did this out of respect for those who were on the field, after a week when it seemed that Desportivo das Aves did not exist. I returned to what I did in good conscience as mayor. We took care of the formal aspects so that what happened would not happen again, ”admitted Alberto Costa.

The ceremony was attended by the footballers, technicians and other staff involved in winning the Portuguese Cup, whose scepter was carried by the then goalkeeper and “captain” Kim and striker Alexandre Guedes on the pitch to be symbolically handed over by the mayor to the newly appointed sworn-in president of the Vila das Aves club, Pedro Pereira.

“Feeling is what you felt in the stadium. There was gratitude for the most important achievement in our history, which also marked the beginning of the renaissance that we are striving for, in order for the club to return to the heights that it has reached in the past. The Portuguese Cup is well placed. The legal departments have tried to ensure that this is not going anywhere,” said successor António Freitas.

The auction was held by the Judicial Court of Comarca Porto and ended exactly two months ago, setting a minimum threshold of 1360 euros, set at an initial price of 800 euros and a base price of 1600 euros. trophy.

The greatest achievement of Desportivo das Aves was arrested by the SAD in July 2020 when the Chinese-led administration Wei Zhao failed to fulfill the licensing requirements in the professional competition of the 2020/21 season with the Clubs League and rejected an appeal to the Council of the Referee of the Portuguese Football Federation.

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The Nordics had already been relegated to the II League, but “fell” by administrative means in the Campeonato de Portugal, then in the third national level due to wage arrears and unilateral layoffs of players, technical staff and employees.

SAD, which also witnessed the confiscation of two Desportivo das Aves buses, decided to withdraw from the Portuguese Championship in September 2020, five months before the Santo Tirso District Judicial Court declared it insolvent.

Almost €37,500 debts from SAD to three foreign clubs resulted in FIFA preventing the club from signing new players since August 2020, but two months later, António Freitas’ management decided to recreate the futsal and football sections that began to represent the new club. called Desportivo das Aves 1930.

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IBGE has already conducted a census of almost 80% of the Brazilian population – Português (Brazil)

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Mutirão Opens To Negotiation Of Individuals' Overdue Debts - Português (Brazil)

Almost 80% of Brazil’s population is already registered this year. From the beginning of work, from August 1 to December 5, 168,018,345 people were registered, in 59,192,875 households, which corresponds to 78.73% of the estimated population of the country. The data is taken from the fourth balance sheet of the 2022 demographic census released this Wednesday (December 7) by the Brazilian Institute of Geography and Statistics (IBGS).

Of the total number of respondents, the majority live in the Southeast region, 39.54%, followed by the Northeast (29.43%), South (14.76%), North (8.79%) and Midwest (7 .44%). So far, 48.4% of the census population was male and 51.6% female.

According to IBGE, the state with the highest proportion of registered people to estimated population is Piauí (96.2%), followed by Sergipe (91.2%) and Rio Grande do Norte (89.8%). The least advanced are Mato Grosso (65.9%), Amapa (66.9%) and Espirito Santo (70.67%).

In the case of Sergipe and Piaui, BIGE has already completed the first phase of data collection, with census takers traveling around the state visiting addresses. The institute will now begin the process of restoring homes that were registered for absent residents and those that people refused to respond to the census.

So far, about 2.59% of households have refused to respond, but IBGE expects to reduce this percentage by the end of the operation after all persistence protocols have been applied.

States that are close to completing collection will also be able to count on Disque-Censo, a free service available from 8:00 am to 9:30 pm. Those who have not been visited by census takers can call the agency at 137 and take part in the survey. At the moment, the service is only available in the states of Sergipe and Piauí.

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In this balance sheet, BIGE discloses for the first time general census data in subnormal agglomerations, defined as “irregular occupation of land for residential purposes in urban areas and which are generally characterized by irregular urban structure, lack of basic public services and being in areas with limited access”. Until December 5, 12,337,295 people lived in the country, which is about 7% of the registered population.

In addition, 1,489,003 natives and 1,208,702 quilombolas have already been registered.

The institute is facing difficulties due to a lack of staff to conduct censuses in some locations. Throughout the country, from November 28 to December 4, 60,611 enumerators worked at IBGS, which is 33.1% of the total number of available vacancies.

Census takers will always be in uniform, with an IBGE vest, census cap, ID badge, and a mobile data collection device (DMC). In addition, it is possible to verify the identity of the IBGS agent in website By answering IBGE or calling 0800 721 8181.

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Portugal beat Switzerland with Gonçalo Ramos hat-trick to play Morocco in World Cup quarter-finals – Observer

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Portugal beat Switzerland with Gonçalo Ramos hat-trick to play Morocco in World Cup quarter-finals - Observer

Absence of Ronaldo, favorite song and game with Morocco. Gonzalo Ramos sums up a (beautiful) night he never dreamed of

Goncalo Ramos’ debut as a starter at the World Cup saw him score three goals and have a great night. Although there was talk before the game about the absence of CR7 in the starting lineup, the Benfica player said that it was different in the dressing room: “Honestly, in our dressing room, no one talked about it. Cristiano as our captain did what he does in every game. He helped us, motivated us and gave me a word of encouragement both for himself and for everyone else.”

After explaining at a press conference that he only had time to call his parents and best friends, Gonçalo Ramos turned to the next game, in which Portugal would “come out with everything”. “The game against Morocco will start 0-0. Today’s score doesn’t matter anymore.”

When asked about today’s performance, the Benfica player said that even in his wildest dreams he never thought of making his debut in the starting lineup in the World Cup playoffs with a hat-trick. “In relation to exemplary players, Ronaldo is an idol for many. I also like Lewandowski and Ibrahimovic.”

In a more relaxed moment, journalists asked Ramos what his favorite song is and what song he would like to hear when he scores goals. “This song contains profanity. Maybe it’s better not to mention it. Another? The music when we score is good. This can continue.”

After the press conference, Gonzalo Ramos went to receive the Man of the Match trophy. Upon receiving the award, he was asked which of his teammates he would give it to if he could choose: “I would give it to the whole team, because without the whole team it’s impossible to win games.”

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