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J.C. Penney will get extra time from lenders in push for survival

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J.C. Penney gets more time from lenders in push for survival

An vacant parking large amount is noticed exterior a closed JC Penney Co. retailer in Mt. Juliet, Tennessee, on Thursday, April 16, 2020.

Luke Sharrett | Bloomberg | Getty Images

J.C. Penney will lay off about a thousand employees as it hashes out a system with its loan providers to emerge from bankruptcy. 

The struggling retailer filed for court protection on Could 15, with roughly 860 outlets and about 90,000 complete-time and component-time employees. It has announced plans to near about 170 outlets in the latest weeks, while negotiations with landlords are ongoing. On Wednesday, it claimed about 152 closures are at present envisioned. 

To match its shrinking retailer-base, J.C. Penney explained Wednesday it will lay off about 1,000 workers, in roles that include company and worldwide positions. People personnel will receive a benefits bundle that contains severance and health and fitness-care protection for suitable associates.

“These choices are always extremely hard, and I would like to thank these associates for their difficult do the job and devotion,” said J.C Penney CEO Jill Soltau in a statement.  “We are fully commited to supporting them during this period of time of transition.”

Meanwhile, it is also continuing to negotiate a long run with its loan companies. 

On Tuesday, J.C Penney verified in a court docket submitting it had struck a offer with its lenders to push again a vital deadline at first imposed on it as component of its bankruptcy financing. According to the phrases of its debtor-in-possession financing arrangement, it experienced to post a business plan to its creditors by July 8 and get two-thirds of them on board by July 15. If it skipped those people deadlines, it would have experienced to start off the approach of promoting off its belongings. 

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Now, just after confidentially submitting its business enterprise plans on time, J.C. Penney has until July 31 to review them with its creditors and appraise opportunity buyers for the enterprise. That presents it about two a lot more months to hash out a deal to help it stay clear of liquidation. 

According to the plans the retailer confidentially submitted last week, it wishes to place roughly 160 of its remaining stores into a actual estate expenditure rely on to gather checks from the retail enterprise, people familiar with the condition said. Undertaking so offers buyers the chance to commit in a company’s very best serious estate even though holding its fundamental retail business independent.

Penney has claimed in courtroom files that it could offer as a great deal as a 35% stake in the newly made REIT to a third-occasion trader to raise money, or to give extra funding for the REIT.

J.C. Penney has been in talks with many suitors for all or components of its small business. They incorporate private equity firm Sycamore Companions, which owns department retail outlet Belk, and a partnership concerning Simon Property Team, Brookfield Attributes and Barneys New York parent corporation Genuine Brands, people acquainted with the problem have told CNBC

Simon, the largest shopping mall operator in the nation, has a Penney store in about 50% of its U.S. malls, primarily based on a person assessment. A REIT carve-out would allow Simon to either buy the REIT or make investments in the retailers that are previously in its malls, devoid of having to commit in the retail company. 

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Nevertheless, the leases in the REIT are a legal responsibility for any trader since they are dependent on the capability of the tenants to fork out the hire. The REIT that Sears hived off in 2015, Seritage Advancement Homes, has fallen extra than 74% this year, as buyers have anxious it might not get adequate capital to change one-time Sears stores into new houses. 

And as the pandemic puts force on the real estate and retail market, shares of Macerich, Simon, CBL and Washington Prime Team, have all tumbled 50% or more this yr. CBL is in the midst of conversing with its very own loan providers after missing debt payments and has warned that it may well not be able to go on working. 

The people asked for anonymity for the reason that the programs are private. Sycamore Companions declined to comment. 

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Jean Pierre received an offer to trade Avai to the Portuguese team

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Jean Pierre received an offer to trade Avai to the Portuguese team

Jean Pierre has to trade Florianopolis for Portugal. The attacking midfielder, loaned to Avai by Grêmio, is interested in the Portuguese team and is in talks to work in Europe. The transaction model must be a loan with a call option.

At 24, Jean Pierre has been with Avai since April and has a contract with Gremio until the end of 2023. With the interest of the Portuguese, he should extend his contract at Porto Alegre, and then he will be transferred until the middle of next year, when the European season ends.

The name of the Portuguese team interested in the player has not yet been disclosed, but the interest is concrete and has already reached Grêmio. The Rio Grande do Sul club has given the go-ahead for negotiations, which depend on the formalization of the offer.

The international transfer window in Portugal remains open until 22 September. However, the idea is to complete the negotiations in August.

In Florip, Jean Pierre took part in 12 matches for Avai in the Brazilian championship, scoring a goal. The debut took place against Inter at the Beira Rio stadium in early May.

Revealed in the Gremio youth categories, Jean Pierre made his professional debut in 2017 and has experienced ups and downs in Porto Alegre. At his most recent contract renewal, he received the highest termination fine of any youngster at the club.

At the end of 2021, he was left out of the squad led by Wagner Mancini and negotiated his departure to Alaves from Spain, then began negotiations with Atlético-PR and finally was transferred to Giresunspor from Turkey.

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In Europe, the football player was diagnosed with a rare tumor of the testicles, and he returned to Brazil for treatment with the removal of the tumor. The case created a sort of legal limbo in which the attacking midfielder was not paid. In April, he was assigned to Avai to return to acting.

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Luis Figo is the first Portuguese to star in a Netflix documentary. Here comes the controversy – Culture

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Luis Figo is the first Portuguese to star in a Netflix documentary.  Here comes the controversy - Culture

Before the footballing world surrendered to Cristiano Ronaldo, another Portuguese had reached sky-high levels of popularity in the sport. The importance of Luis Figo in the football market will be analyzed in the documentary About Caso Figo: The Transfer That Changed Football, which will be released on Netflix on August 25.

Created by David Tryhorn and Ben Nicholas, the format focuses on what is to this day one of the most controversial transfers of all time: In 2000, Luis Figo leaves Barcelona for rival club Real Madrid. From the pesetero to being targeted by pig heads thrown on the turf, during his first classic game as a merengue player, the 49-year-old Portuguese became the most contested man in the Spanish league at the time.

The Figo Affair: The Transfer That Changed Football revisits that era with the testimonies of the main characters 22 years after the transfer: Luis Figo himself, José Veigi (the agent of the footballer who made the deal at the time) and Florentino Pérez. then president of Real Madrid.

Luis Fig case

credits: Netflix

data-title=”Luis Figo case – Luis Figo is the first Portuguese to star in a Netflix documentary. And here comes the controversy – IGG”>

credits: Netflix

This format is the first Netflix documentary to feature a Portuguese as the protagonist. Among the various figures associated with the world of football who talk about that time, there are names such as Paulo Futre, Roberto Carlos or Jorge Valdano. The documentary will also show previously unseen footage from Figo’s personal collection during his stay in Barcelona and his holiday in Sardinia in the summer of 2000.

watch the trailer

“Focusing on the transfer rather than on Figo’s career, the film tells us about truth, greed, morality and the whole sport in the process – this is the birth of football as a big immoral business with romantic notions of loyalty; not to mention Florentino. History of the origin of Perez. I was honored to direct this film and after the release of Pele last year, we are thrilled to be working with Netflix again on another major sports story.” from Netflix.

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Ambassador of Portugal to Venezuela praised the local community

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Ambassador of Portugal to Venezuela praised the local community

“This (RUS) is important for the Portuguese community, and it is also important, as an example of solidarity, that the Portuguese give to those who live here in Caracas and beyond,” said Joao Pedro Vasconcelos Fins do Lago in an interview with Lusa. the end of a visit to an NGO supporting needy Portuguese and homeless Venezuelans.

It was a visit that I wanted to make from the first day I was here, because this is an organization that works with very difficult situations, situations of deep social need, people who have many needs in terms of housing, health and food for people. of all ages, with a special focus on the elderly, the most needy and the most helpless, in a range that deserves all the attention“, these.

The diplomat stressed that “Regala una Sonrisa is exemplary and does a wonderful job,” given that the visit served as an introduction to the ongoing work, the difficulties and proposals that it presents.

“This is an institution that the Portuguese state pays full attention to. In fact, it receives financial support from the Portuguese state in the form of support that has increased over the years and has led to results,” he said.

João Pedro Vasconcelos Fins do Lago said that “there is a beneficial effect of meeting people on the street, where they have to feed them, give them medical care, and also give them shelter.”

Regarding the proposals made by the president of the NGO, Francisco Soares, the ambassador said that “they are aimed at making it easier and more flexible to help people,” without specifying the content.

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“Obviously, we know that we have come out of a very difficult two-year period, a pandemic in which the bureaucratic part of the case was also difficult, and there are several ways to make some situations more flexible and remove the bureaucratic burden. very specific in the sense that a hand that helps those in need can get to those people faster,” he concluded.

For more than seven years, Regala Una Sonrisa has been organizing homeless awareness days every month and promoting the weekly “Sopa Sorriso” initiative for more than 200 people in need in the center of Caracas.

The NGO is also responsible for the Anjos Lusitanos program for Portuguese people living in isolation and in dangerous situations.


 


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