Goldman Just Put On The Next "Big Short" Trade [zero hedge]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: zero hedge
At the start of March in a span of just 48 hours, several big names in the American mall industry announced they would be slashing store counts to the tune of over 300 stores. Gap said during its earnings call that it is going to shutter 230 locations over the next two years, just hours after JCPenney said that it would close 18 of its department stores. This news came after L Brands said they were going to close 53 Victoria’s Secret stores in North America this year according to Bloomberg. The icing on the cake was when "disruptor" Tesla recently announced all of its sales would be moving online, which was a nice way to say that almost all of its retail locations - many of which are located in malls - were going to close (since then Musk appears to have flip-flopped and as of this moment, the fate of Tesla's retail operation remains unknown).These closures followed a number of high profile bankruptcies in the "bricks and mortar" space: Payless Inc. just went bankrupt for the second t
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