City, State: Boston, Massachusetts
Wetin you hear? JCPenney don show say dem no dey carry last for business matter! E be like say dem don finally fix wetin don spoil after dem file for bankruptcy last five years. As e stand now, a Boston private equity firm, Onyx Partners, don agree to pay $947 million (wey no be small money o) for 119 JCPenney stores! Guy! This one na wah!
The deal wey dem announce for July 25 be all-cash sale (so dem no dey play game with credit). Dem expect make di closing happen for September 8, as everybody dey gree say many gree signs go follow am. No wahala at all na!
Papa Copper Property CTL Pass Through Trust dey manage di sale. Dem be trust wey dey formed by JCPenney lenders when di company wan reorganize after dem suffer from di bankruptcy wahala (Na so dem dey call am). Dem don control over 160 JCPenney locations plus six distribution centers since di saga start.
Plus, dem get bigger boys like Simon Property Group and Brookfield Asset Management Inc. wey take charge of JCPenney operations after di whole wahala. As e be now, JCPenney still get about 650 stores dey run across di United States, but wetin don dey worry dem na say dem don close more than 200 stores during di pandemic wahala. E dey pain me for dem o!
Dis money wey dem go collect from di sale go straight to JCPenney creditors, make dem no vex. After all di closing costs don waka, dem go split between $928 million and $932 million go give di people wey dey hold dem money (no be small change at all!). Na Larry Finger, di principal financial officer, talk am for July 28.
All di 119 stores wey dem sell dey open for business as we dey gree now. Some dey even ask if Onyx go close di stores after di sale close, but remain quiet like church mouse. We still dey wait dem response o!
Also, make I yarn you this – di stores wey dey inside Florida (alas!) no dey miss di action. Among di stores wey dey sell, six dey Florida, including places like Clearwater, Pembroke Pines and Plantation. Dis states don collect dem wahala o!
Na so di story be for JCPenney as dem dey try rise up again for di business level with all di drama wey don happen before. I just dey wonder wetin go happen next, but one thing wey sure be say dem go continue dey put heads together to push di company forward, no matter wetin! But make we no forget, dis na Naija-style gist, so you fit crack your palm wine now! Cheers!
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