Even with its bankruptcy exit still not final, J.C. Penney is attracting new national brands to get ready for a holiday shopping season that’ll begin earlier than usual.



J. C. Penney at Collin Creek Mall in Plano last year during the holiday shopping season. That store is still open but is among the 150 stores closing soon.


© Staff Photographer/Nathan Hunsinger/The Dallas Morning News/TNS
J. C. Penney at Collin Creek Mall in Plano last year during the holiday shopping season. That store is still open but is among the 150 stores closing soon.

Penney’s new brands are mostly in its home department, which is where Americans have been spending money during the COVID-19 pandemic.

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Plano-based Penney plans to exit bankruptcy this year so it has to stay in the game. It responded to Amazon Prime Day with its own Cyber Days Monday through Wednesday.

Retailers including Walmart, Target, Best Buy and others are moving up Black Friday discounts to compete with Prime Day. The two-day Prime Day was delayed from its usual mid-summer dates as even Amazon was overwhelmed with new demand from shoppers who were staying at home due to the coronavirus. This year, Amazon’s Tuesday and Wednesday U.S. sales are expected to exceed $6 billion, up from $4.4 billion last year, according to eMarketer.

In a statement, Penney CEO Jill Soltau said her team is “working to secure partnerships with new national brands and to expand our product offerings as part of our efforts to provide compelling merchandise and deliver an engaging shopping experience to our customers.” She has declined interview requests during the bankruptcy.

Among Penney’s new brands announced Monday are Schott Zwiesel wine glasses and Luminarc glassware, Cambridge flatware and Nordic Ware cookware. Those brands are also sold at specialty stores Williams-Sonoma, Sur La Table and Bed Bath & Beyond and direct competitor in the mall, Macy’s. New brands include Taste of Home cooking magazine bakeware, which is also sold at Macy’s and

(Bloomberg) — Mallinckrodt Plc became the third major opioid maker to go bankrupt after being swamped by claims it profited by fueling the U.S. opioid epidemic.



a close up of a cake: This illustration image shows tablets of opioid painkiller


© Photographer: ERIC BARADAT/AFP
This illustration image shows tablets of opioid painkiller

The drug company said Monday it filed for Chapter 11 protection in Delaware after getting creditors and claimants to agree on a restructuring plan that hands ownership to bondholders, wipes out shareholders and sets aside $1.6 billion to resolve all opioid litigation. The filing also will help resolve a U.S. government probe into whether the company defrauded Medicaid by overcharging for Acthar Gel, its top-selling mutiple sclerosis drug.

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The move comes as Mallinckrodt was readying for two trials over accusations it illegally marketed opioids and failed to properly oversee large shipments of the highly addictive pills, which have been tied to an epidemic of abuse that killed thousands of Americans. A judge is likely to halt all litigation while the bankruptcy plan makes its way through the court process.

The agreement includes certain debt holders, state attorneys general and lawyers for municipalities that sued to recoup billions in tax dollars spent on battling opioid addictions. Mallinckrodt will set up a trust to oversee payments from the $1.6 billion fund to claimants, and give them warrants to buy a stake in the reorganized company that could total nearly 20%, according to a statement.

Wiped Out

Current shareholders are likely to get nothing, filings show. The stock, which ended last week at 75 cents a share, has hovered at penny-stock levels for most of this year as the talks progressed, and trading was suspended on Monday after the bankruptcy was filed.

Chief Executive Officer Mark Trudeau, who has been in charge for seven years, said the plan puts Mallinckrodt “on a clear

The bad news for the movie business keeps piling up, enough that B. Riley analyst Eric Wold further cut his box office forecasts for both this year and 2021, before suggesting something of a return to old levels in 2022.

But in the meantime, the pandemic pinch that left theaters shut for months and Hollywood studios rescheduling most of their slates into next year or beyond continues to batter the business.

The latest news includes U.K. exhibitor chain Vue saying it will partially close a quarter of its screens during the week. The chain said in a statement that it will close 21 of its 87 theaters Tuesday through Thursday, beginning next week, “to ensure that our business is financially well-placed to withstand the uncertainty ahead.”

The move is similar to one by British competitor Odeon. Cineworld, which also owns the No. 2 U.S. chain Regal, took an even more drastic step, closing all its U.K. and U.S. locations for the next several weeks.

The situation is even more grim for B&B Theatres, the sixth-largest chain in the United States. The company warned that it was a few months away from bankruptcy if it doesn’t receive new content or government aid.

No. 1 U.S. chain AMC issued a similar warning last summer, then restructured its debt, cut a landmark revenue-sharing deal with NBCUniversal, and said it planned to issue 15 million new shares of stock. In response to the Cineworld closures, AMC said last week that it would keep theaters open and strive to open more, depending in part on potential revenues from that NBCU deal.

But the situation is ugly overall for the industry. Cineworld’s closure announcement came soon after MGM pushed back the

Mallinckrodt, the largest maker of generic opioids, filed for bankruptcy on Monday as it faces more than $1 billion in costs from lawsuits over its role in fueling the opioid crisis.

The company in February agreed to the framework of a $1.6 billion settlement with 47 attorneys general from states and territories over opioid-related lawsuits.

On Monday, the company detailed a structure for making those settlement payments, beginning with a $450 million payment upon emerging from bankruptcy proceedings.

“For years, they balanced their business on the backs of a product they knew was dangerous and deadly,” Connecticut Attorney General William Tong said in a statement on Monday. “As Mallinckrodt now collapses and files for bankruptcy, this agreement ensures $1.6 billion will be placed in a trust and used to directly address the pain, suffering and trauma caused by the opioid epidemic.”

The company is also agreeing to terms to prevent it from marketing its opioids in the future and to put in place protections aimed at preventing abuse.

The company said it would continue to serve customers “as normal” during the bankruptcy proceedings.

The company is also agreeing to pay $260 million over disputes about its pricing of its multiple sclerosis drug Acthar Gel.

Purdue Pharma, another major opioid maker, also filed for bankruptcy last year as part of a settlement to resolve opioid lawsuits against it.

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Drugmaker Mallinckrodt  (MNK) – Get Report became the third major opioid producer to file for bankruptcy, weighed down by thousands of U.S. lawsuits from states, cities and counties that have blamed drugmakers and distributors for the epidemic of overdose deaths.

“After many months of deliberation, negotiation and consideration of alternatives, Mallinckrodt’s management and board of directors determined that implementing a Chapter 11 restructuring provides the best opportunity to maximize the value of the enterprise and position the company for the future in light of the current challenges it faces,” said Mark Trudeau, Mallinckrodt’s president and CEO, in a statement.

The company said it entered into a restructuring agreement that would reduce its debt by about $1.3 billion. The company also said it aims to resolve all opioid litigation while in bankruptcy protection.

Mallinckrodt listed estimated liabilities of $1 billion to $10 billion in its bankruptcy filing and assets in the same range.

Purdue Pharma, the maker of the maker of OxyContin that entered Chapter 11 protection in September 2019, has proposed a $10 billion settlement of existing claims. Insys Therapeutics also filed for bankruptcy in 2019.

The Centers for Disease Control has estimated that every day in the U.S. 130 people die from an opioid-related drug overdose.

Mallinckrodt hired restructuring advisers late last year, and management disclosed in February that it was pursuing court protection.

The plan at that time was to settle its opioid claims by putting a small part of the company into bankruptcy, but it failed to gain required support from lenders.

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