retail news in context, analysis with attitude

From the Dallas Morning News:

"Barricades block off the main entrance to what was once the grand rotunda of the J.C. Penney headquarters in Plano. In view through the windows are rows and rows of desks that have been cleaned out with signs on them that say 'Done.'

"At the tail end of its bankruptcy case and after not paying rent on the space for several months, the department store chain has quietly vacated its headquarters … When Penney moved into the Plano headquarters, it had 195,000 employees. It now has 60,000 employees and is expected to exit bankruptcy this year … The company is being sold to its two biggest store landlords, Simon and Brookfield, and its first-lien lenders."

The story notes that Penney's remaining employees have been largely working from home because of the pandemic, so it isn't like there was a mass exodus from the building under cover of night.

KC's View:

No mass exodus, just the slow drip … drip … drip, as all the blood seeps away from the carcass of an irrelevant retailer.