Amazon, J.C. Penney in talks: report
J.C. Penney files for bankruptcy; Kroger says ‘thank you’ to its employees
Fox Business Briefs: Coronavirus pushes another retailer over the edge as J.C. Penney files for bankruptcy; Kroger is giving $130 million to its employees to say thank you for working during the pandemic.
Amazon and bankrupt J.C. Penney are reportedly in talks over some type of deal, according to Women's Wear Daily.
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”There is an Amazon team in Plano as we speak,” said one source according to WWD referring to the Texas city where J.C. Penney headquarters. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business" the article detailed.
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The department store retailer officially filed for Chapter 11 late Friday evening confirming ongoing speculation. Additionally, more details were disclosed on store closings which are expected to number 604 according to a filing with the Securities and Exchange Commission.
J.C. PENNEY FILES FOR BANKRUPTCY AS CORONAVIRUS PUSHES RETAILER OVER EDGE
J.C. Penney declined to comment, while email inquiries by FOX Business to Amazon were not returned at the time of publication.
J.C. Penney shares were halted in the extended session before the New York Stock Exchange announced shares would be suspended, a common practice when a company enters chapter 11.
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