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JCPenney Default Risk Hits All-Time High
Zero hedge ^

Posted on 08/05/2013 11:01:17 AM PDT by Perdogg

It would appear that in the order of who knows what when, in the case of JCPenney, it is C-level executives first, credit markets second (was Goldman's line a pre-DIP?), and equity shareholders (Ackamn included) last. With the torrent of executve departures in the last year, credit market investors led the equity over the past two weeks as credit lines were (allegedly) pulled. Today's 50bps rise in JCP's 5Y CDS pushes the company's risk of bankruptcy to its highest ever (arguably higher than 65% over the next few years given the secured assets). JCP's stock is down 2% on the day but still holding above its April (and 2009) lows (for now).



Charts: Bloomberg


TOPICS: Business/Economy
KEYWORDS: jcp; jcpenney
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1 posted on 08/05/2013 11:01:17 AM PDT by Perdogg
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To: Perdogg

‘Tis a shame. I used to love JCP but then they went pro-queer, pro-lesbian, and anti-family and I went elsewhere.


2 posted on 08/05/2013 11:02:30 AM PDT by MeganC (A gun is like a parachute. If you need one, and don't have one, you'll never need one again.)
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To: MeganC

I feel sorry for the clerks and managers who will be out of work if they go under.


3 posted on 08/05/2013 11:03:49 AM PDT by Perdogg (Cruz-Paul 2016)
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To: MeganC

Yep...

And they certainly didn’t GAIN any new customers when they lost you.

Most homosexuals wouldn’t be caught dead in what JCP considers “Fashion”.

Kind of like Zappa’s line “Is that a real poncho or is that a Sears poncho”?


4 posted on 08/05/2013 11:06:15 AM PDT by left that other site (You Shall Know the Truth, and the Truth Shall Set You Free...John 8:32)
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To: Perdogg

so....does this mean I don’t have to pay off my JC Penney charge card? (low info mode OFF)


5 posted on 08/05/2013 11:07:24 AM PDT by Buckeye McFrog
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To: MeganC

Libs destroy everything they touch.


6 posted on 08/05/2013 11:07:56 AM PDT by Mygirlsmom (FReepers! Support business that support conservatism. PM me to learn of a good one.)
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To: left that other site

If I ever join the Screen Actors Guild and need a screen name, I think I’ll give “Sears Poncho” some serious consideration.


7 posted on 08/05/2013 11:08:28 AM PDT by Buckeye McFrog
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To: Mygirlsmom

“Libs destroy everything they touch.”

They sure do! :)


8 posted on 08/05/2013 11:09:34 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: left that other site

True. Sort of like how the Republican Party is courting illegal aliens from Mexico...


9 posted on 08/05/2013 11:11:30 AM PDT by MeganC (A gun is like a parachute. If you need one, and don't have one, you'll never need one again.)
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To: Perdogg

Back in the 60s I actually ordered an FN model 1949 surplus battle rifle through the mail from JC Penney.

I also can remember when Sears had a large stock of guns. I think Montgomery Wards may have been the last of the major retailers to carry guns.


10 posted on 08/05/2013 11:12:10 AM PDT by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: Perdogg

I remember looking through a JCP catalog from around 1900 or so, it was very interesting the many, many things you could order. It was a big deal back in the day before they went all weirdo


11 posted on 08/05/2013 11:14:27 AM PDT by GeronL
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To: Perdogg
JCPenney Default Risk Hits All-Time High

The only important thing is: Do they have enough money to continue to pay Ellen?

12 posted on 08/05/2013 11:14:31 AM PDT by Navy Patriot (Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
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To: Perdogg
JCPenney Default Risk Hits All-Time High

If I shopped at Penney, I don't know whether I would trust them to still be in business between when I handed them money and when they gave me back change.

13 posted on 08/05/2013 11:16:11 AM PDT by KarlInOhio (This message has been recorded but not approved by Obama's StasiNet. Read it at your peril.)
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To: Perdogg
Just Crazy Panderers deserves what it gets.
14 posted on 08/05/2013 11:18:27 AM PDT by Rashputin (Jesus Christ doesn't evacuate His troops, He leads them to victory.)
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To: Buckeye McFrog

Ha Ha Ha! You made My day!


15 posted on 08/05/2013 11:18:31 AM PDT by left that other site (You Shall Know the Truth, and the Truth Shall Set You Free...John 8:32)
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To: MeganC

Yes.

It is incongruous and insulting to the base.


16 posted on 08/05/2013 11:19:19 AM PDT by left that other site (You Shall Know the Truth, and the Truth Shall Set You Free...John 8:32)
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To: Perdogg

Since they’re on the verge of the cliff anyway and have nothing to lose, I offer this challenge to JCPenney:

Renounce your slavish support of homosexuality. Publicly. At least as publicly as you endorsed it. Promise a return to the values that made you successful to begin with. Then wait six months and see if your sales increase. if they do, stick with the Normal market. If not, declare bankruptcy and go down the drain with your homo buddies.


17 posted on 08/05/2013 11:19:58 AM PDT by IronJack (=)
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To: Perdogg
Hey Men's Wearhouse ! Since you scammed George Zimmer out of his own company, and are looking for someone who "better represents the millenial suit buyer"...........


18 posted on 08/05/2013 11:21:28 AM PDT by SENTINEL (Kneel down to God. Stand up to tyrants. STICK TO YOUR GUNS !)
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To: IronJack
I offer this challenge to JCPenney

After I got done chuckling....I said, "Hmmmm. This is an idea that might work."

Never Happen, though. Folks in charge of JCP are likely scared stiff that someone at their Thursday-after-work-wine-and-cheese parties might call them a bigot.

19 posted on 08/05/2013 11:30:33 AM PDT by wbill
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To: Buckeye McFrog

“If I ever join the Screen Actors Guild and need a screen name, I think I’ll give “Sears Poncho” some serious consideration.”

If you ever start a band “Creepy and the Ass Crackers” is also a cool option.


20 posted on 08/05/2013 11:32:49 AM PDT by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
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To: Perdogg
Re: “I feel sorry for the clerks and managers who will be out of work if they go under.”

For many years here in Seattle, every clerk and manager at JCP is either foreign born or Black.

Except for Nordstrom and Tiffany, that's true for almost every shop in the upscale mall a few blocks from my apartment.

That means one thing for certain - wages in the retail industry must completely suck!

I will be sorry to see JCP go bust for one other critical reason.....

I've been buying my Jockey Classic black briefs and Jockey Classic black t-shirts and extra large white Gold Toe socks on sale there for the last 40 years!

Does this mean I have to pay full price at Macy's?

21 posted on 08/05/2013 11:35:42 AM PDT by zeestephen
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To: zeestephen

Try Kohl’s——the store and the website. Macy’s can be overpriced, but Kohl’s has excellent sales.


22 posted on 08/05/2013 11:43:42 AM PDT by CatherineofAragon ((Support Christian white males----the architects of the jewel known as Western Civilization).)
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To: CatherineofAragon

Thank you, Catherine.

Target and Costco are really the only other moderate price stores I go to.

I don’t think either one carries Jockey or Gold Toe, but I could be wrong.


23 posted on 08/05/2013 11:48:33 AM PDT by zeestephen
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To: zeestephen

I can buy underware, socks, ammo and guns at Walmart.


24 posted on 08/05/2013 11:56:36 AM PDT by duffee (NO poll tax, NO tax on firearms, ammunition or gun safes. NO gun free zones.)
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To: GeronL

They were the Amazon of the day (along with other catalog companies).


25 posted on 08/05/2013 11:59:43 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: MeganC

I’ve defended JCP because their house brand fit me perfectly, and nothing else, at any price, did that.

Two days ago, I raced into JCP for a new outfit, found what I wanted, and bought it without trying it on because I KNEW I could ALWAYS rely on their sizing.

It does not fit. It’s going back. I’m devastated. JCP is no longer my reliable friend.


26 posted on 08/05/2013 12:00:09 PM PDT by Veto! (Opinions freely expressed as advice)
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To: Navy Patriot

Do they have enough money to continue to pay Ellen?”

Just heard that she/he/it is going to be the Oscar MC next time around. Doesn’t really matter to me because I never watch it but the network is expecting to set viewer records so I’m sure she is going to get big bucks for that.


27 posted on 08/05/2013 12:01:19 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: Perdogg

I think they went downhill because they forgot who their core demographic was and quit making the clothes that we had bought there for years.

Changed styles, fabrics, etc. I used to buy most of our clothes, online, at Pennys because I knew their products and what fit which family member.

They now sell NONE of the clothing items I used to buy on a regular basis.


28 posted on 08/05/2013 12:01:49 PM PDT by memyselfandi59
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To: Beagle8U
I have to give the now standard caution from here about new possible names, foremost using Ben Ghazi. If one uses that name the media will avoid it like the plague.
29 posted on 08/05/2013 12:03:06 PM PDT by Hillarys Gate Cult (Liberals make unrealistic demands on reality and reality doesn't oblige them.)
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To: CatherineofAragon

“Try Kohl’s...”

I don’t know if it’s the Kohls card we got or not, but...you get on their mailing list and you receive all sorts of discount coupons. Anywhere from 10% to 30%, plus good store sales. Sometimes, prices are discounted even more if you use their card for the purchase...which I only use if there’s a price reduction.

No reason to buy anything there at full price.

The main reason I don’t spend more there is I’m just plain tired of buying “stuff”.


30 posted on 08/05/2013 12:05:23 PM PDT by moovova (Sell everything, folks. Be poised to run.)
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To: MeganC

Six years ago I bought a wonderful shade for the window in my office. Since it does appear likely they might be going out of business I did go on line to see if I could get one more like it because the old one really does need to be replaced. One I bought before was $40.00 and 46” wide and just perfect fit. One they have now is $120.00 and is 47” wide. Won’t be doing that!

Should have bought two originally.


31 posted on 08/05/2013 12:05:49 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: Perdogg

That’s queer. They used to do so well. What changed?


32 posted on 08/05/2013 12:07:01 PM PDT by Old Yeller (Goodbye America. Glad the majority of my years were spent during the good days.)
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To: Veto!

You must be a guy because women’s sizes are totally meaningless.


33 posted on 08/05/2013 12:11:29 PM PDT by MeganC (A gun is like a parachute. If you need one, and don't have one, you'll never need one again.)
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To: moovova; CatherineofAragon

Kohl’s keeps getting busted for raising their prices just so they can turn around and “discount” them for so-called ‘sales’.

http://abclocal.go.com/kgo/story?section=news/business&id=9089623


34 posted on 08/05/2013 12:13:17 PM PDT by MeganC (A gun is like a parachute. If you need one, and don't have one, you'll never need one again.)
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To: Buckeye McFrog
If I ever join the Screen Actors Guild and need a screen name, I think I’ll give “Sears Poncho” some serious consideration.

Fine, just don't touch my Cliff Plunge stage name, I got dibs on that!

35 posted on 08/05/2013 12:14:14 PM PDT by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: SENTINEL
JC Penneys photo: Black Skinny Jeans BlackSkinnyJeans.jpg They tried to out-Walmart Walmart, selling sweatshop clothing to middle America. Their real stroke of genius was in using gays to pitch clothing (that the homos wouldn't be caught dead in) to us `homophobic' hoi polloi. This was a perfect storm of stupid.
36 posted on 08/05/2013 12:15:55 PM PDT by tumblindice (America's founding fathers: All armed conservatives.)
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To: zeestephen

You’re welcome. I think you’re right about Target and Costco, but I’m pretty sure Kohl’s has them.


37 posted on 08/05/2013 12:29:07 PM PDT by CatherineofAragon ((Support Christian white males----the architects of the jewel known as Western Civilization).)
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To: MeganC

I guess it’s true what they say about (gay?) Pride going before destruction and haughty spirit before a fall.


38 posted on 08/05/2013 12:35:20 PM PDT by GBA (Our obamanation: Romans 1:18-32)
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To: zeestephen

Costco carries Gold Toe socks and own brand knockoffs. On the Kirkland socks my husband kept getting holes at the side ankle seam, but the Gold Toe are great.

As far as underwear goes, they carry Champion and own brand and we’ve been happy with both. I buy both because my teen son and husband wear the same size so I get them different brands to aid laundry sorting. Champion is a slightly looser fit.

If you’re interested in undershirts the Kirkland ones are good quality, but too thick for my husband. I buy the Calvin Klein undershirts at Costco which are thinner, and the collars wear just a little better. I find the own brand ones pill a bit.


39 posted on 08/05/2013 12:42:07 PM PDT by Eepsy
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To: moovova

Yep, that’s Kohl’s, all right.

I’ve never bought anything there at full price. The only gripe is I have with them is that they operate with a bare-bones staff, so that there aren’t enough people to keep things in order. Quite frequently, my local store is a mess


40 posted on 08/05/2013 12:53:21 PM PDT by CatherineofAragon ((Support Christian white males----the architects of the jewel known as Western Civilization).)
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To: MeganC

Thanks; I’m bookmarking this to read later.

Either way, their sale prices are dirt cheap, though.


41 posted on 08/05/2013 12:54:14 PM PDT by CatherineofAragon ((Support Christian white males----the architects of the jewel known as Western Civilization).)
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To: MeganC

yep me too. paid off that 29% cr card and never used them again.


42 posted on 08/05/2013 12:55:55 PM PDT by Donnafrflorida (Thru HIM all things are possible.)
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To: MeganC

Thanks for the warning.


43 posted on 08/05/2013 12:59:42 PM PDT by moovova (Sell everything, folks. Be poised to run.)
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To: Perdogg
I was once a loyal JCPshopper. I am over 6'5" tall, and started ordering from JCP after I received a Big/Tall catalog in the mail one day. It is difficult to find clothes that fit my frame (most big/tall stores are really big/fat stores). The JCP catalog had a good selection with decent prices (tall clothing costs more than regular-sized clothing).

However, right around the time the idiot CEO took over, they stopped sending the big/tall catalogs. Instead, they sent a catalog with only a few products on a page. No more tall clothing advertised; just a few unshaven metrosexuals in rumpled clothes. They stopped sending coupons in the mail and email. When I would go into a store, the product offering was much reduced.

So, we cannot really blame the slide solely on the fact that JCP pandered to queers. That CEO effed up everything he could during his time there. His tenure was a disaster in every way possible. The queer stuff was just the last straw.

Kind of like the company where I work, in which the owner is turning the company over to his son, who is "succeeding" the way JCP "succeeds".

44 posted on 08/05/2013 1:00:10 PM PDT by Sans-Culotte ( Pray for Obama- Psalm 109:8)
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To: zeestephen
That means one thing for certain - wages in the retail industry must completely suck!

Trust me, they do.

Had a job like this once. Busted my hump 60+ hrs. per week. Someone from the Food Stamp program came by and put up a recruiting poster. If I had one more member in my family I would have qualified. My wife was pregnant at the time. Just the kick in the tail I needed to go and find a better paying gig.


45 posted on 08/05/2013 1:12:45 PM PDT by Buckeye McFrog
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To: wbill

Oh, I know there’s no chance anyone in the moral vacuum of Corporate America is going to defy the conventional tide and oppose homosexuality. The cowards at the helm are more terrified of the “adverse publicity” they’d get from rejecting queers than they are with the increased sales they’d see. It’s more important for them to get invited to the right chablis-and-brie parties than to keep the company solvent.

And the stockholders bleat along like sheep going to slaughter.

But it might make for an interesting floor fight at the next annual meeting ...


46 posted on 08/05/2013 1:22:33 PM PDT by IronJack (=)
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To: IronJack

Haven’t shopped there for five years.


47 posted on 08/05/2013 1:30:40 PM PDT by lu shissler (ecause)
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To: Buckeye McFrog

“If I ever join the Screen Actors Guild and need a screen name, I think I’ll give “Sears Poncho” some serious consideration.”

I personally think “Poncho Sears” rolls of the tongue much easier. Maybe even better than Carlos Danger.


48 posted on 08/05/2013 1:49:40 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: IronJack
oppose homosexuality

At this point, I'd be satisfied with "Don't promote it." Or, "Give it the same attention as you would give any other specialty segment which comprises 1 to 3 percent of the population".

49 posted on 08/05/2013 2:00:09 PM PDT by wbill
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To: Veto!
It does not fit. It’s going back

I too, quit going to JCP. Mostly, my decision was cost-based, though their pro-gay stance didn't help them any.

Then recently, I got lured in a couple of times by their coupons.

Both times, I looked at their merch, said "Meh", and walked out. They've completely changed what they carry from a couple of years ago. I thought that the higher end stuff was priced out of my market, and the low-to-mid range stuff looked cheaply made out of lower quality materials.

Figure that if I want cheap quality garments, I'll just go shop at WalMart. Kohl's (and Macy's, surprisingly) has taken my business from JCP.

And, FWIW, both times I went back to JCP, the store was empty. Not 'just a little slow'. Empty. 3-4 clerks standing around a checkout talking. That's it. One of the times was on a Saturday, so the place should have been hopping.

I've made sure that JCP isn't in my stock portfolio. ;-)

50 posted on 08/05/2013 2:17:06 PM PDT by wbill
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