Question about Jones New York company....

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[Faith65]

How do I find out if Jones New York company is in chapter 9?

Their severance paychecks aren't coming as promised for all of the gals fired ( I will add that their is a BIG question about who was fired....just Christians at many of their stores in the south)in the last couple months from some of their southern retail outlets and others are having a problem cashing their regular weekly paychecks. Now there is a rumor that they are in chapter 9, so where do I hunt to find out if this is true?

Thanks in advance for your help freepers.

[Faith65]

How do I find out if Jones New York company is in chapter 9?

[CJ Wolf]

http://finance.yahoo.com/q?s=JNY&d=t do some digging. If it's in Chap 9 you will find it here.

[ContemptofCourt]

Here is their latest 10-Q with the SEC.....they are not in bankruptcy, and seem to be doing quite well.....

http://biz.yahoo.com/e/l/j/jny.html

[Faith65]

Then why can't many of the gals cash their checks?
They call ahead to the bank that it's from to make sure it will clear first.....
sometimes it does....sometimes it doesn't...

if you worked for JNY, you would be quite suspect of the goings on of late......

[Faith65]

Oh....
one more thing...
if they are doing so great,
then why have they closed 16 stores in the last couple months?

[GovernmentShrinker]

Have they tried asking the bank on which the checks are drawn? If a company is repeatedly issuing bad checks, the bank which holds the account should be taking action. However, if these "gals" are asking their OWN banks, they're wasting their time -- unless the problem is very high-profile, one bank wouldn't know about problems with a certain account at another bank.

[GovernmentShrinker]

Closing stores that are bleeding cash is a very sensible business move, often used to stave off serious financial difficulty which would result if the stores weren't closed. Of course other companies wait until after they're in serious trouble to start closing unprofitable stores or divisions.

[ContemptofCourt]

Don't get snipy with me...I'm just reading their financial report....it looks like they are expanding in certain areas and trimming other areas......they are making a nice little profit.....

[Faith65]

Sorry...
did not mean to come across snippy....
I appreciate everyones help......
I just need to know what's goin' on.....

Thanks!

[mdittmar]

Warren Buffett Cuts Jones Apparel Stake To 1.9% Versus 6.9% Tuesday November 12, 5:38 pm ET

Run away,run away!

[Clintons Are White Trash]

Are you referring to The Jones Store or Jones New York. One is a department store, the latter is a maker of women's clothing. I may be wrong, but I'd never heard of a Jones New York store.

[GovernmentShrinker]

S&P rates their debt BBB (low end of investment grade) with a "Stable" outlook. Stock price has been on a VERY strong upward trend since early October (quite possible the result of those store closings . . .). The bouncing checks sound like a local problem. The "gals" whose checks have bounced should contact the corporate headquarters by phone, followed by a fax to the appropriate individual/department showing a copy of the front and back of the returned check.

I don't know anything about the company, so I'm assuming these were company owned stores that closed, and not franchisee-owned. If the latter, things get more complicated, but if the franchisee is in bankruptcy, employees should still get paid at the very least for time actually worked (employee pay comes first in a bankruptcy proceeding, even before the most senior bank debt).

[GovernmentShrinker]

I gather that Faith65 is hoping not to be sent "away" (and she shouldn't "run" unless she's got someplace better to go, 'cause you can't collect unemployment if you quit, whereas you can if you wait to be laid off). But at any rate, Buffett reducing his stake doesn't mean that the super-senior debt (e.g. employee pay) isn't going to get paid, just that the other end of the capital structure, the equity, doesn't look particularly attractive. Buffett is probably just cashing in his gains from the recent run-up, figuring it isn't going to run up much higher.

[GovernmentShrinker]

I'd never heard of them either, but a Google search brought up lots of references to "Jones New York stores".

[mdittmar]

Regardless of Buffetts' motives,if I need to call the bank to see if my paycheck will clear,I'm outta there.

What kind of lousy company would do that to employees?

Then again it may be a local store problem.

Go to the head of HR and ask what the hell the deal is.

[Faith65]

Actually,
corporate headquarters has been called about this....
and all they do is make up excuses.....
JNY is a HUGE company......
this is not a local problem......
some of the head personnel located in new york are concerned about what is going on......
but they're watchin' their own backs now.....

[GovernmentShrinker]

Yes, I suspect that it's an administrative snafu, in which a local store or region's bank account either was accidentally closed before it was supposed to be, or accidentally failed to start getting transfers from corporate to cover checks (which it probably wouldn't have ever needed before, if local receipts had been flowing into the local account).

I just didn't want poor Faith65 to be alarmed by your comment. The possibility of a publicly traded company, with a BBB rating, which is still making acquisitions and hiring for other positions, ultimately getting away with not paying laid-off employees their last checks is absolutely zero.

[Faith65]

I am not alarmed by any comments......
just need info........

I put my trust in One alone....
God Almighty.....
so no matter what happens....
I know I will be cared for.....

I am just trying to figure out the facts from the company's fiction....

[GovernmentShrinker]

The trouble with huge companies is that it's hard to find out who does what, especially if there are some changes going on and there are changes in staffing and responsibilities. I'm a financial professional, and have just scanned the reliable info sources and there's really nothing going wrong at this company that the market knows anything about.

AFTER they've tried getting answers from the company's local bank FIRST, and been told the bank can't help, then have your "gals" start putting in calls to the analysts who cover the company's stock and debt (link to the list, with names and phone numbers is on the company's website), giving their names, store location, and prepared to fax a copy of the front and back of bounced checks. Start with the "big name" firms. The people who kick butt at JNY will hear about the problem soon enough.

[Faith65]

thanks for your help....
I think I found what I needed to make some decisions.
It's interesting to see what Kimmel has been up to this last month.

God Bless!