What’s Next for JC Penney and Neiman Marcus?
“Bankruptcy Attorney Reed Allmand said the filing will give JCPenney a chance to financially restructure and try to become cash positive again.”
“If Chapter 11 doesn’t work, it’s going to turn into a Chapter 7 liquidation,” Allmand said. “I think if the economy doesn’t improve and things don’t start opening back up, (JCPenney) is not going to be able to go forward.”
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