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JCPenney filed for bankruptcy – CNN
The company said it had agreements with most lenders regarding a settlement plan that would allow it to stay in business as a financially healthier company, but would include the closure of 846 stores that had not been announced previously. As part of the settlement process, JCPenney arranged to borrow an additional $ 450 million from lenders to pay for operations during the reorganization.
The company blamed the Covid-19 pandemic because of the need to file for bankruptcy.
“Until this pandemic strikes, we have made significant progress in rebuilding our company under the Renewal Plan strategy – and our efforts have begun to bear fruit,” said CEO Jill Soltau. “Implementing this financial restructuring plan through a court-supervised process is the best way to ensure that JCPenney will build more than 100 years of its history to serve our customers over the coming decades.”
How the mighty has fallen
JCPenney’s most profitable year was 2010, and its net loss has reached $ 4.5 billion since then.
Since the summer of 2011 he has reported net income in only five quarters, all in the holiday shopping season – he cannot make money without increasing sales. Since early 2011, JCPenney has closed more than 20% of its stores while cutting more than 40% of its staff.
In November, when the new holiday shopping season was about to begin, losses shrank in the third quarter, and raised earnings forecasts, even as sales continued to fall.
“We are making significant progress in our efforts to return JCPenney to sustainable and profitable growth,” Soltau said in a statement at the time.
This is the Covid-19 company that has the most impact – and at least
In addition to cutting almost all of JCPenney’s income, it makes future prospects for troubled retailers far more bleak.
“The pandemic recession is … accelerating the shift of consumers towards online retailing,” said Kalinda Ukanwa, assistant professor of marketing at Marshall University of Southern California Business School.
The retail sector is problematic
Filing a company bankruptcy does not always mean that JC Penney will go out of business. Many companies use this process to reduce debts and other obligations that they are unable to do when closing operations and unprofitable locations. J.Crew and Neiman both intend to stay in business. But Stage Store said it plans to permanently close all nearly 800 of its small department stores if it cannot find buyers during the bankruptcy process.
But this is a unique time for retail bankruptcy filing. Many stores are closed due to quarantine and orders remain at home, and many potential buyers are restless wandering to open stores.
UBS analysts said on Monday that “the closure of retail stores will accelerate in the post-Covid-19 world” and that the gap between well-positioned retailers and struggling chains will develop due to the outbreak.
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Portuguese historical films will premiere on 29 December.
Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.
A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.
“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.
Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.
“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.
“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.
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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’
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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.
Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.
According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”
In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.
The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.
In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.
From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.
Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.
“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.
“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.
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