Bankruptcy filed. They never should have changed the slogan to style and value for all. They should have used We're in deep shit. Buy something !!!!!
OT: JC Penney Oh Oh Bankruptcy filed
- Thread starter FELONIOUSMONK
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They have been in trouble since before this started.
I thought they were out of business already.
Hiring their former CEO from Apple who didn't understand their customer base was a big mistake from which they've never fully recovered.
But even if that never happened, better department stores have gone the way of the dodo so JC Penney might have been healthier but I don't think by much.
I remember going with my mother to the one in Sayrewoods shopping center, circa 1975. She used to put things on layaway and stop in the back to make her payments. Do they even do layaway anymore?
The Walmart’s and Targets will do better.
Isn’t Macy’s on financial life support as well?
Had the same thought.
They could offer up the excuse "well we would have turned it around.....but then Corona took away our last chance"?
A local microbrewery who just went Chapter 11 also used this excuse recently. The owner said that Covid-19 prevented thousands of customers from visiting the brewery the past few months.
Of course the tap room was doing poorly before the virus and the business was clearly in trouble the past few years.
JC Penny served it's purpose but the truth is that even before Amazon, Targets, Walmarts killed stores like this.
I used to actually buy things like socks and undershirts at JC Penny back when they were doing very well. But that was about it. Sometimes linens/towels as well.
A lot of businesses will use COVID as their final nail and go out with a legit excuse to gather their bonuses and off into the sunset without guilt of failure and leaving their employees with nothing.
I used to actually buy things like socks and undershirts at JC Penny back when they were doing very well. But that was about it. Sometimes linens/towels as well.
A lot of businesses will use COVID as their final nail and go out with a legit excuse to gather their bonuses and off into the sunset without guilt of failure and leaving their employees with nothing.
Many of these big name stores are going to fail in the way of Blockbuster. They did not get ahead of the curve and start to restructure 5 years ago for online shopping as their primary source of revenue. They could have easily gone the way of a concierge personal shopping. My kids all get those monthly personal shopping boxes of clothes selected for them at a perfect fit from these online places. The big names like NM and Nordstrom should have done something similar. Hell, if I was a NM or Nordstrom, I would be looking into a "Zoom/Teams" type of Concierge right now where your personal expert could be laying out selections for you to select and have a conversation with your expert face to face.
Wow. When I lived in Washington Crossing I used to go by there a lot. Shopping paradise. ShopRite, Home Depot, Pet Smart, Dick's Sporting Goods etc. Rarely went into the mall except for a place, IIRC, called Champs. Great deals on Rutgers gear and sneakers. Never was in that JC Penny's
Online and outlets have done well for most of these companies. They were a little late in seeing that trend and it's not grown enough to replace the lost traffic in their flagship stores. Nordstrom Rack has done well just like a TJ Maxx and Marshalls type store. I think Macy's Backstage as well.
But now discretionary spending for clothing and the like will probably take a semi-permanent hit even for these outlet stores and such. Most of the spending is going to groceries and essentials right now.
Even in that category I was reading articles the other day people are spending more on private labels of the grocers vs the brand names. I've always bought Wegmans/Whole Foods/Kirkland brands for some things without issue and like the quality but if you're doing it out of necessity vs choice than you see where trends are currently. If you're cutting down even in the grocery area, you're more than likely cutting down in the discretionary area.
That one and one in Brunswick Square Mall in East Brunswick, and one in Woodbridge Mall too.
That Nassau Park vicinity is great. Everything is there within a stone's throw of each other. Shop Rite/Wegmans/Whole Foods/Trader Joes...Walmart/Target...HD/Lowes....TJ Maxx/Marshalls/Nordstrom Rack...Best Buy...Dicks Sporting Goods....Pet Smart....Bed Bath Beyond/Home Goods ...Quakerbridge Mall with Macys/JC Penney/Lord & Taylor etc.....basically most categories of whatever you might need are in a few minutes of each other.
Speaking of Blockbuster, this is a fun little article, ha:
https://www.indiewire.com/2020/05/blockbuster-video-store-surviving-pandemic-1202231221/
Seriously I thought they closed down over a decade ago.
And don't forget the most important business. Joe Canal's Liquors!!
The mall in Est Brunswick that has JC Penney and Macy's are both in financial trouble.
Have you see Sears lol. That thing was a walking zombie for ages...as bad as JC Penney has been it's Mr Universe compared to Sears.
JC Penney’s has been on shaky ground for about 12 years. Way before the Apple guy was hired to try to fix it.
I would add that spending habits for the new generation changed as well.
Yeah- instead of going to a JC Penny or even a Nordstrom for their shopping, they have opted for either online- new/high end or the selected for you delivery service. Not many run out to buy clothes and not many wear a low end label. And...from what I have seen, not many will wear something they bought last year or have worn out a few times.
What I can see changing is middle management that used to have to have enough suits or a more formal business casual, working from home a lot more and less need for mult outfits. Myself, may go for a couple of very high end suits rather than the middle of the road but nice JosABank type of deals that I was going with when I had to be in an office every day and wear formal business.
Sears has been near death for many years. No one ever goes there. They sold off their popular brands long ago so there is zero reason to ever step foot in one.
Last time I went to Sears was 5 years ago and I was maybe 1 of 10 people in the whole giant store. Last time before that was in the 1990,s
I imagine apartments is what you will see . I still don’t see the allure or apartment living . I like having a backyard ...especially during times like this . It’s pretty nice sitting outside grilling, having a beer etc . It’s almost a luxury nowadays .
I do wonder how the apartment market will be after this. The whole push for a generation had been city living , mass transit , walkable communities and gathering spaces . Will Covid may blow all that away? I want my car and own space ?
All these New Jersey towns have this transit village concept if they are near a train station. That might be a bubble that burst.
Basically a generation of urban planning may be wiped away
‘Sears in New Brunswick was our go to store. Never had to wait.
When they closed the lower level entirely 3 years ago you knew they were done.
Most things will return to normal by next year and some never will.
Just like 9/11.
Just like 9/11.
Neighbor sells cars in Brooklyn and people are buying cars because they don't want to use mass transit.
Their Arizona brand clothes are actually good quality, hope they are able to at least sell that brand to another company.
