Pandemic Pushing JCPenney, Neiman Marcus And Other Struggling Retailers To The Brink [Forbes]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Forbes
NEW YORK, NY - MARCH 22: A view of 'The Shops' mall in Hudson Yards hours ahead of implementation of... [+]'New York State on PAUSE' executive order as the coronavirus continues to spread across the United States on March 22, 2020 in New York City. The World Health Organization declared coronavirus (COVID-19) a global pandemic on March 11th. (Photo by Noam Galai/Getty Images)High debt is a terrible thing in this environment.Sure, in ordinary times, debt helps the expansion of stores, creation of new merchandise classification and addition of sales associates. It also funds new distribution centers and sophisticated e-mail platforms.But, in the current COVID-19 pandemic environment, cash flow problems for many stores are ominous. With stores closed, reopening uncertain, unsold merchandise on the shelves and new merchandise pouring in, many stores will need additional funds. I doubt that all will survive.The problem came to a head yesterday for two companies. JCPenney announced that it
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