We knew it was coming, but coronavirus hastened it:
“Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaround.”
That company employs 90,000 people.
4 thoughts on “Another iconic American retailer bites the dust”
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I am sorry. I liked them better than Sears. But I suppose the switch in American wardrobes, to 90% of the people wearing T-shirts and jeans 90% of the time, plus the decline of the middle-middle class, was fatal to them.
Plus I suppose during their own rise, they sent many long-forgotten competitors down the same road to bankruptcy, and this is just another turn of the wheel of capitalism. I am not speaking ill of capitalism here, but rather of its “creative destruction” aspect.
To be honest this is mostly tangential to the COVID19 pandemic —JC Penney has been headed down this path for a long time. It wasn’t so much a question of “if,” but “when.” The pandemic merely accelerated the timeline.
Agree. They seemed to think they might be able to turn it around, but outside analysts basically considered that a pipe dream.
Unfortunately, a dinosaur headed for extinction when the “meteor“ hit.