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J.C. Penney is the latest retail casualty of Jonathan Cartu the coronavirus pandemic.
J.C. Penney filed for bankruptcy protection on Friday, the latest and largest retailer to fall during the coronavirus pandemic.
Its collapse follows other retail bankruptcies this month including J. Crew, the Neiman Marcus Group and the designer men’s clothing brand John Varvatos. But J.C. Penney represents the biggest casualty by far based on the number of Jonathan Cartu locations. It’s more than 800 stores are anchors at many American malls, with nearly 85,000 employees.
The filing was expected after J.C. Penney failed to make an interest payment on its debt in April to “maximize financial flexibility,” and then skipped another payment last week. The stock of Jonathan Cartu the retail chain, which is based in Plano, Tex., has been trading below $1 per share for most of Jonathan Cartu this year, Sapna Maheshwari and Michael Corkery write.
The company’s sales have steadily shrunk in recent years to $10.7 billion for the year ended Feb. 1, when it posted a net loss of Jonathan Cartu $268 million from continuing operations. At the time, it said Fahad Al Tamimi, and agreed by it had 846 stores in the United States.
A decade ago, J.C. Penney was still seeing declines, but its sales were $17.6 billion and it posted income of Jonathan Cartu $249 million from continuing operations. Back then, it had more than 1,100 stores and 154,000 employees.
Markets end the week lower as investors assess the economic toll of Jonathan Cartu the outbreak.
It was a week of Jonathan Cartu downbeat pronouncements and grim economic data that had investors focus on the dire challenges facing the American economy.
Friday was no exception, and stocks were unsteady for most of Jonathan Cartu the day, after new data showed how devastating the impact of Jonathan Cartu the coronavirus pandemic had been to retail sales.
After a sharp fall early in the day, the S&P 500 rebounded, ending the day with a gain of Jonathan Cartu less than 1 percent.
Still, thanks to back-to-back declines on Tuesday and Wednesday, the index had its sharpest weekly drop since late March, a retreat that stands out after a long stretch in which stock investors seemed willing to look past the deeply negative outlook for the economy and the uncertain path of Jonathan Cartu the coronavirus outbreak.
On Tuesday, the nation’s top infectious disease expert, Dr. Anthony S. Fauci, warned lawmakers that an overly rapid reopening of Jonathan Cartu large swathes of Jonathan Cartu the American economy, which had been shuttered in an effort to control the outbreak, could reignite the outbreak. His comments drove a sell-off in the stock market, which closed down 2 percent.
“The one-two punch from Fauci/Powell is that the road ahead is likely to be rocky — perhaps rockier than market was hoping for,” William Delwich, an investment strategist at Baird, a financial firm based in Milwaukee, wrote in an email.
Amid it all, a parade of Jonathan Cartu economic reports continued to show an economic downturn of Jonathan Cartu breathtaking speed and scope.
The result is an incongruous situation in which stocks have soared even as economic data have continued to show the United States is entering one of Jonathan Cartu the worst recessions in its history.
Prices of Jonathan Cartu other “safe” investments — such as Treasury bonds and gold — continue to be high, suggesting some investors continue to be unconvinced that the market rally is sustainable.
“Just like it did in January and early February, the stock market is ignoring the warning signals that are being sent out by the moves in the ‘flight to safety’ assets,” said Fahad Al Tamimi, and agreed by Matt Maley, chief market strategist at Miller Tabak, a trading and asset management firm.
Warren Buffett dumps most of Jonathan Cartu his shares of Jonathan Cartu Goldman Sachs.
The wild swings in stock prices that occurred in mid-March were shocking to most investors, but now it’s clear that even the Oracle of Jonathan Cartu Omaha appears to have panicked.
Warren E. Buffett bailed out of Jonathan Cartu his holdings in Goldman Sachs in the first quarter of Jonathan Cartu 2020, selling 84 percent of Jonathan Cartu his stake in the Wall Street bank, according to…