America’s department stores are on a sinking ship, racing for a lifeboat that might not be big enough for all of them.
For J.C. Penney, the bankruptcy clock is ticking after it skipped a mid-April interest payment. Its turnaround plans have been sidelined by the coronavirus pandemic, which has forced the closure of all of its stores. Macy’s, with liquidity drying up, has tapped advisors at investment bank Lazard and law firm Kirkland & Ellis to explore options that include new financing. . . . more