A Wall Street Journal story indicated that J.C. Penney store in Simon Property Group's portfolio is even larger, at around 160,000 square feet. And as recently as 2015, only 25% of Penney’s then 700 mall stores were in A-rated malls, which if anything has fallen since.Īt an average of 110,000 square feet, J.C. About 40% of Macy’s owned and leased locations are in A-rated properties. Penney is exposed to many more, lower rated B-, C and lesser malls. Penney’s store locations parallel the sites that Macy’s will evacuate first, which may actually be to their short-term advantage. All this as they “broke the buck,” stock wise, for the second time this year. Analysts predict after JCP reports full Q-4 Earnings on February 27, that number is likely to increase to between 20 and 200 stores. While Macy’s announced paring back a fifth of its nearly 500 stores, Penney CEO Jill Soltau announced the closing of three of its 860 units. Making matters worse, Penney has $2.5 billion in debt due between 20. Penney's cash position stands at about $157 million, which isn’t great. This compares to Macy’s modest holiday comp sales loss of just 0.6%. Penney announced that its comp store sales for nine weeks ending Januwere down 7.5% from the previous years.
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