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J.C. Penney's survival hinges on urgent sale negotiations

J.C. Penney's survival hinges on urgent sale negotiations

彭尼的生存取決於緊急銷售談判
Reuters ·  2020/08/03 11:12

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By Mike Spector

由邁克·斯佩克特

NEW YORK (Reuters) - The survival of J.C. Penney Co Inchangs on whether the department store chain can reach a complex deal within days to sell itself to an alliance of retail mavens and distressed-debt investors.

紐約(路透社)-JC Penney Co Inchangs 的生存關於百貨連鎖店是否可以在幾天內達成複雜的交易,將自己出售給零售商和不良債務投資者聯盟。

The 118-year-old retailer blew through a Friday deadline from lenders to sort through bids that would take the company out of bankruptcy proceedings that were commenced in May after the pandemic forced it to temporarily close all its 846 stores.

這家 118 歲的零售商在周五的截止日期內從貸款人那裡吹走,以整理出價,這些投標將使該公司從 5 月份開始的破產程序中脫離大流行迫使其暫時關閉所有 846 家商店之後。

The Plano, Texas-based company, already facing concerns from U.S. Bankruptcy Judge David Jones that its restructuring is not moving fast enough, is racing to reach agreement on a sale that would carve the retailer into three pieces.

普萊諾,總部位於德克薩斯州的公司,已經面臨著美國破產法官大衛·瓊斯(David Jones)的擔憂,其重組沒有足夠快的速度,正在競逐以達成一項銷售,將雕刻零售商分成三部分的協議。

The company is hoping to file court papers as soon as this week disclosing details of a deal, though the timing could slip, said a person familiar with the matter. The retailer declined to comment.

一位熟悉此事的人說,該公司希望在本週提交法院文件,披露交易的細節,儘管時間可能會下滑。零售商拒絕發表評論。

J.C. Penney has lost money for years, grappling with consumers shifting to online shopping and competition from discount retailers. It is among a cascade of retailers undone by the pandemic, including Brooks Brothers and Lucky Brand Dungarees, now attempting to withstand unprecedented economic turmoil and stay in business through bankruptcy sales.

J.C. Penney 多年來一直在虧錢,與消費者轉向在線購物和折扣零售商的競爭不斷努力。這是大流行撤消的零售商之一,包括布魯克斯兄弟(Brooks Brothers)和 Lucky Brand Dungarees,現在試圖承受前所未有的經濟動盪,並通過破產銷售保持業務。

Some J.C. Penney vendors are demanding cash-on-delivery before shipping merchandise, the person familiar with the matter said, an onerous term for a retailer with strained finances accustomed to paying for goods later.

一些 J.C. Penney 供應商在運送商品之前要求貨到付現金,熟悉這件事的人說,這對於一家經常習慣於支付商品以後的財務緊張的零售商來說,這是一個繁重的術語。

“For this to work, we are going to need to move with complete and deliberate speed,” Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing J.C. Penney, said during a Wednesday court hearing.

「為了使這個工作起作用,我們將需要完全和有意的速度前進,」代表 JC 彭尼的柯克蘭和埃利斯律師事務所律師約書亞·蘇斯伯格(Joshua Sussberg)在星期三的法庭聽證會上說。

He said progress on negotiating a sale rendered Friday’s deadline a “red herring.” A liquidation, which would close J.C. Penney’s doors for good and lay off all its more than 80,000 employees, is “not in the cards,” Sussberg said.

他說,談判出售的進展使得週五的最後期限成為「紅鯡魚」。蘇斯伯格說,一個清算將關閉彭尼的大門,並解僱其所有超過 80,000 名員工,「不在卡中」。

The company is sitting on $1 billion of cash, $400 million more than expected, after reopening stores, he said. Still, challenges loom with current coronavirus outbreaks and potentially more this fall, he added.

他說,在重新開店之後,該公司擁有 10 億美元的現金,超出預期的 4 億美元。他補充說,儘管如此,挑戰當前的冠狀病毒爆發,今年秋天可能會有更多的挑戰。

On July 22, J.C. Penney received three separate bids for its operating business from private-equity firm Sycamore Partners, Saks Fifth Avenue owner Hudson’s Bay Co and a duo of mall owners comprising Simon Property Group Incand Brookfield Asset Management Inc, people familiar with the matter said.

7 月 22 日,JC 彭尼收到了三個單獨的投標,其經營業務從私募股權公司 Sycamore 合作夥伴,薩克斯第五大道業主哈德遜灣有限公司和商場業主包括西蒙物業集團 Incon 的二重奏 布魯克菲爾德資產管理,熟悉這件事的人說。

Sycamore’s $1.75 billion bid was the highest, though J.C. Penney expects revised offers from suitors soon, one of the people said. Some bidders could team up or offers could change in other ways, the person said. The bidders declined to comment or did not respond to requests.

其中一位人士表示,Sycamore 的 1.75 億美元出價是最高的,儘管 JC Penney 預計很快就會收到追求者的修訂報價。有些投標者可能會合作,或者報價可能會以其他方式發生變化,該人說。出價者拒絕發表評論或未回應要求。

On July 20, hedge funds and private-equity firms financing J.C. Penney’s bankruptcy proposed forgiving debt owed to them in exchange for owning the retailer, Sussberg said in court. These lenders are led by H/2 Capital Partners and other distressed-debt investors that also hold portions of J.C. Penney’s $5 billion of total debt.

蘇斯伯格在法院上表示,7 月 20 日,對沖基金和私募股權公司為 JC Penney 的破產提出了寬免欠他們的債務,以換取擁有零售商。這些貸款人由 H/2 資本合夥人和其他不良債務投資者領導,他們也持有彭尼(JC. Penney)50 億美元債務總額的一部分。

J.C. Penney is negotiating with the other bidders to “slot into” that deal by purchasing the retailer’s operating business while the lenders take over two property companies that would hold stores and distribution centers, respectively, he said.

他說,JC Penney 正在與其他投標人進行談判,通過購買零售商的經營業務來「插入」該交易,而貸款人則分別接管兩家將持有商店和配送中心的房地產公司。

A deal hinges on whether the lenders accept one of those offers, people familiar with the matter said. They otherwise face the choice of owning J.C. Penney’s operations themselves or attempting to recover money in a liquidation, the people said. A lawyer for the lenders did not immediately respond to a request for comment.

一個交易取決於貸款人是否接受這些報價之一,熟悉這件事的人說。人們說,否則,他們面臨著自己擁有 JC Penney 的業務或試圖在清算中收回資金的選擇。貸款人的律師沒有立即回應評論請求。

During less fraught times, other retailers such as Barneys New York Inc and Toys 'R' Us Inc have failed to reorganize under bankruptcy protection and liquidated.

在較少的充滿時間, 其他零售商,如巴尼斯紐約公司和玩具 'R' 我們公司未能在破產保護下重組和清算.

Sussberg said during Wednesday’s hearing that the company has “not had one discussion” with lenders about a liquidation.

蘇斯伯格(Sussberg)在周三的聽證會上表示,該公司與貸款人就清算「沒有進行一次討論」。

(Reporting by Mike Spector in New York; Additional reporting by Melissa Fares in New York; Editing by Matthew Lewis)

(由邁克·斯佩克特在紐約報告; 梅利莎票價在紐約的其他報告; 編輯由馬修·劉易斯)

譯文內容由第三人軟體翻譯。


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