JCPenney Gift Cards “The interest in our operations reflects our company’s strength and our loyal customer base,” said JCPenney CEO Jill Soltau. “As we continue to move through the sale process our focus will remain on serving our customers and working seamlessly with our vendor partners. We have been a trusted partner to all of our stakeholders since 1902 and we expect to continue that track record for decades to come under the JCPenney banner.”

Buy JCPenney Gift Cards  JCPenney reported that women’s apparel sales were 19% of the total business in the second quarter somewhat lower than the 22% achieved a year ago. That may be because customers stayed home more and are buying less fashion and/or because they do not have to dress up when working as much as in the past. It may mean higher markdowns in the third quarter. Home sales which are traditionally in the mid-20% range were at 12% a fact that can be attributed to the damage still felt because of actions by the former president of the company Ron Johnson who deemphasized home. Yet in this pandemic period home has been a shining star and sales should have been stronger.

The company is now valued at $1.75 Billion and will be split into three separate parts. One will be a real estate investment trust of 161 properties and a second will be a real estate investment trust of distribution centers. Finally the third is the Opco (which will be the operating company for stores and administration) which will be owned by Simon and Brookfield. The two REITs will be owned by first lien lenders. The exit financing from the existing lenders will amount to $500 Million. Wells Fargo WFC +1.9% will provide a $2 Billion asset-based loan.