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The agreement also contemplates forming a separate real Buy JCPenney Gift Cards estate investment trust and a property holding company which will include 161 of the company’s real estate assets and all of its owned distribution centers according to the press release.The retailer expects to emerge from the auction and the court-supervised process in advance of the 2020 holiday season.
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J.C. Penney Co. Inc. on Thursday posted second-quarter results evidencing the deep impact of COVID-19 — as well as other longer-term challenges — on its business.
The company which sought Chapter 11 protection in May as the pandemic took hold across the United Sates said in a U.S. Securities and Exchange Commission filing that its sales tumbled 44% to $1.4 billion during the period ended Aug. 1. It also widened its net losses to $398 million or $1.23 per diluted share compared with the comparable period’s losses of $48 million or 15 cents per share.