J.C. Penney Posts Steep Sales Decline for Second Quarter
In this article
J.C. Penney Co. sales plunged 45% in the second quarter as the department-store chain entered bankruptcy and struggled with an accelerated shift away from physical stores and the Covid-19 outbreak.
Net sales fell to $1.39 billion in the period ended Aug. 1 from $2.51 billion a year earlier, the company reported in a regulatory filing Thursday.
The retailer’s lendershave agreed to team up with landlords Simon Property Group Inc. and Brookfield Property Partners to buy the troubled company, which has struggled for years with changing consumer tastes and falling traffic at malls. The outbreak of the pandemic accelerated this trend and prompted its Chapter 11 filing in May.
The company reported $64 million in advisory fees and $50 million in debtor-in-possesion financing fees. Including gains related to the termination of leases, reorganization costs totaled $108 million in the second quarter.
- See filing here.
Jamie Dimon: Businesses must work to solve inequality
New York (CNN)Executives at America’s largest bank are calling its senior managers back into the office after months of remote work, according to a person familiar with the plans.
JPMorgan Chase conducted calls with senior managers in its sales and trading unit in London and New York Wednesday, the person said. Those managers have been asked to return to the offices starting September 21, with some exemptions allowed.
Employees will not be asked to come in if they are high-risk, live with someone who is high-risk or have issues coordinating child care or homeschooling, this person said.
JPMorgan Chase CEO Jamie Dimon and most of the firm’s operating committee have been in the office for most of the summer, the person said.
The decision to call senior managers back was important for training, the person said, especially with a new analyst class joining the company.
Jordan explosion: Flames tear through city in devastating blast
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
The large blast shook the city of Zarqa, northeast of the country’s capital Amman.
Local sources have reported shattered windows in parts of the city.
This is a breaking story. More updates to follow…
Cramer's lightning round: 'The No. 1 5G play is Marvell Technology'
- It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.
On Semiconductor: "The No. 1 5G play is Marvell Technology … I would put the No. 2 as Qorvo … and, then, No. 3 I'm going to say is Skyworks Solution. This one does not fit in, but it's not a bad company, but what I would do is" ring the register.
FireEye: "I think that the ones that are winning are CrowdStrike No. 1, Zscaler No. 2, and Palo Alto Networks No. 3, and I don't want to go beyond that, frankly, because that's enough to do the job."
Bigcommerce: "I saw that. People didn't like the quarter. They've got to come on … find out whether maybe people were incorrect in not liking the quarter. That's the only thing I can advise."
Disclosure: Cramer's charitable trust owns shares of Marvell Technology.
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
Questions, comments, suggestions for the "Mad Money" website? [email protected]
Rio Tinto CEO, top executives resign amid cave blast crisis
Rio Tinto boss Jean-Sébastien Jacques and two senior executives will be replaced after an investor revolt forced the mining giant's board to escalate its response to the destruction of the ancient Juukan Gorge rock shelters.
Mr Jacques, Rio's iron ore division boss Chris Salisbury and corporate affairs boss Simone Niven will depart the company in the coming six months, the board said, following a series of crisis meetings held this week.
In a statement on Friday morning, the board said Mr Jacques, 48, would stay as CEO until the appointment of his successor or until March 31, whichever was earlier.
Rio Tinto chief executive Jean-Sebastien Jacques.Credit:Josh Robenstone
The decision comes after months of escalating pressure from Aboriginal groups, top shareholders and government leaders over Rio Tinto's decision to destroy the two culturally significant rock shelters in Western Australia's Pilbara region which had evidence of continual human occupation tracing back at least 46,000 years.
More to come…
Search ASX quotes
Most Viewed in Business
Boeing in talks with FAA about Dreamliner structural issue
Fox Business Flash top headlines for September 10
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Boeing Co said late on Thursday it was in discussions with U.S. safety regulators about a new manufacturing issue in its 787 Dreamliner that was found last year.
Continue Reading Below
FAA REVIEWS BOEING QUALITY CONTROL LAPSES AT 787 PLANT
KOMO News Radio reported the new issue involves the vertical tail fin on the 787, citing federal records.
Asked about the new issue, the Federal Aviation Administration (FAA) reiterated on Thursday it "is investigating manufacturing flaws affecting certain Boeing 787 jetliners."
CLICK HERE TO READ MORE ON FOX BUSINESS