77
Fashion Jobs
BEIERSDORF
Sales Representative North Greece (Based in Thessaloniki)
Permanent · ATHENS
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · THESSALONIKI
L'OREAL GROUP
Senior Product Manager Maybelline – Consumer Products Division
Permanent · NEA IONIA
CLINIQUE
Consumer Marketing Manager, Clinique
Permanent · ATHENS
LA MER
Consumer Marketing Executive, LA Mer
Permanent · ATHENS
TOM FORD
Consumer Marketing Manager Tom Ford
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · CHALANDRI
ESTÉE LAUDER COMPANIES
Fixed Assets & Decorations Supervisor
Permanent · ATHENS
SEPHORA
Accounting
Permanent · ATHENS
SEPHORA
Category Specialist
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων (Mare West) - Μερική Απασχόληση
Permanent ·
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · PIRAEUS
H&M
Hiring Day Chania - Sales Advisors
Permanent · CHANIA
MAD LORDS
Sales Assistant Scorpios Mykonos
Fixed-term · MYKONOS
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · MAROUSI
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων (Metro Mall) - Μερική Απασχόληση
Permanent · AGIOS DIMITRIOS
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · KALAMATA
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · NEA IONIA
GUESS
Sales Advisor (Greece)
Permanent · ATHENS
BEIERSDORF
Junior Pos Materials & Execution Specialist (Temp Position)
Fixed-term · ATHENS
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · KALLITHEA
Published
Nov 26, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

J.C. Penney receives approval for plan to create separate PropCos

Published
Nov 26, 2020

As Texas-based department store retailer J.C. Penney Company, Inc. continues on its path out of bankruptcy, it has received court approval for a restructuring plan involving the creation of separate property holding companies (PropCos).


J.C. Penney filed for bankruptcy in May - Instagram: @jcpenney

 
J.C. Penney filed for Chapter 11 bankruptcy with close to $5 billion in debt in May of this year, when the Covid-19 pandemic exacerbated existing problems at the department store chain. The retailer had been struggling in recent years due to the increasing popularity of online shopping.
 
The company’s turbulent bankruptcy proceedings have been characterized by disagreements between lenders. However, at the beginning of the month, the retailer’s lawyers were finally able to establish a settlement with a majority of its creditors, who agreed to support a sale of the company.

Following the settlement, J.C. Penney announced that it had received court approval for its rescue deal on November 10. The plan will see mall operators Simon Property Group and Brookfield Property Partners acquire the company’s remaining retail operations for $1.75 billion in cash and debt, while another group of lenders have agreed to forgive $1 billion in debt in exchange for 160 properties and six distribution centers.
 
Obtained from the U.S. Bankruptcy Court for the Southern District of Texas on November 25, the approval for the creation of separate PropCos is an important step in accomplishing the second part of this deal.
 
Upon completion of the plan, the PropCos will be owned and operated by J.C. Penney’s DIP and first lien lenders.
 
Recent reports from Dallas-based sources, including NBC's local affiliate, suggest that, as it seeks to cut costs on its road out of bankruptcy, the retailer has also vacated its headquarters in Plano, Texas. J.C. Penney is yet to confirm these reports. 

Looking to the future, the company expects to emerge from Chapter 11 bankruptcy later this month, while the PropCos should complete their own court-supervised restructuring process in the first half of 2021.

Copyright © 2024 FashionNetwork.com All rights reserved.