{"id":94950,"date":"2020-10-21T22:05:05","date_gmt":"2020-10-21T19:05:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jcpenneys-new-owners-reject-a-3-2-billion-pension-plan\/"},"modified":"2020-10-21T22:05:05","modified_gmt":"2020-10-21T19:05:05","slug":"jcpenneys-new-owners-reject-a-3-2-billion-pension-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jcpenneys-new-owners-reject-a-3-2-billion-pension-plan\/","title":{"rendered":"#JCPenney\u2019s new owners reject a $3.2 billion pension plan"},"content":{"rendered":"

“#JCPenney\u2019s new owners reject a $3.2 billion pension plan<\/strong>”
\n<\/p>\n

\n JCPenney is getting rescued from bankruptcy in a plan that stands to worsen its workers\u2019 nest eggs.<\/p>\n

The century-old department store\u2019s soon-to-be new owners said they don\u2019t plan to take control of the retailer\u2019s pension promises to some 52,000 current and future retirees, according to court documents.<\/p>\n

Mall owners Simon Property Group and Brookfield Asset Management rejected the $3.2 billion pension obligation, which means it will now be funded by the Pension Benefit Guaranty Corp.<\/p>\n

But the federal agency\u2019s caps on monthly pension payouts stand to dampen payouts, especially to former high-level JCPenney executives, according to a Dallas Morning News<\/a> report on Wednesday.<\/p>\n

The new owners also rejected the company\u2019s retiree medical and life insurance benefits under the sale agreement, documents show.<\/p>\n

A spokesperson for the PBGC declined to comment on how JCPenney\u2019s current workers and retirees might be affected.<\/p>\n

Plano, Texas-based JCPenney revealed in court documents this week that it is inching towards its exit from bankruptcy and expects the plan to be complete in time for the lucrative holiday shopping season.<\/p>\n

Separately, 160 stores and six distribution centers that Penney owns are going to its secured lenders. The department store will lease them back, according to the report in a deal that bankruptcy judge David Jones referred to as \u201cone of the longest, most complex lease agreements known to man.\u201d\n <\/p><\/div>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#JCPenney\u2019s new owners reject a $3.2 billion pension plan” JCPenney is getting rescued from bankruptcy in a plan that stands to worsen its workers\u2019 nest eggs. The century-old department store\u2019s soon-to-be new owners said they don\u2019t plan to take control of the retailer\u2019s pension promises to some 52,000 current and future retirees, according to court…<\/p>\n","protected":false},"author":1,"featured_media":94951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/JC_PENNEY-SALE_BANKRUPTCY.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[76551,76616],"class_list":["post-94950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-21-20","tag-jcpenney"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/94950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=94950"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/94950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/94951"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=94950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=94950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=94950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}