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An independent appraisal on the value of J.C. Penney (JCP +2.7%) stores and corporate buildings...

An independent appraisal on the value of J.C. Penney (JCP +2.7%) stores and corporate buildings came in at $4.06B, according to a SEC filing (8-K). The mark appears to be well below what Morgan Stanley tabulated the assets to be worth just last week.
Comments (7)
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Is this why JCP is a buy (look right)? JCP needs to change its brand name - it is outdated and drives away traffic. Short of that, it looks like there is less there than originally thought.
    14 May 2013, 04:51 PM Reply Like
  • strougo
    , contributor
    Comments (93) | Send Message
     
    jcp is back on right track offering coupons and advertising but not enough sales items ---ads are still too bland and unexciting --nothing like macys ---sales
    14 May 2013, 06:11 PM Reply Like
  • gottaknow
    , contributor
    Comments (2) | Send Message
     
    Hum, I guess that the customers in strougos' store are from my area, it is dead, dead and deceased.
    15 May 2013, 02:40 AM Reply Like
  • MaryLa
    , contributor
    Comments (38) | Send Message
     
    Give the company a break!!!! Ullman has already begun to clear up Ron Johnson's mess. BUT it will take months to do that. The up dated shops will continue. There have to be many contracts everywhere that RJ left and must be executed properly. That means in the shops and with manufacturers. All of the construction in the stores must be finished and that will slow down Ullman's work.
    I love this web site and I have learned so much but I also have discovered there are many people far too ready to criticize and many that could not do the job. Mr. Ullman didn't deserve to leave to begin with and we should be glad he was willing to come back and put the company back together.
    14 May 2013, 10:19 PM Reply Like
  • gottaknow
    , contributor
    Comments (2) | Send Message
     
    I agree with you. We do tend to come down on companies that are not doing good, especially the old reliable ones. We jumped all over Ron, I was not a supporter of him in the first place, but let's not forget that while under Ulman's leadership the company was struggling, big time.
    AND let's not forget that it was Ackman that removed Ullman and brought in Ron. ( Note: Ackman handpicked Johnson to replace Ullman, and in May 2012 said the company had been "chronically mismanaged" during Ullman's tenure. ) , then this year removes Ron and rehires Ulman. (At this point it is to note that Bill Ackman, is the hedge fund manager of Pershing Square that is J.C. Penney's largest shareholder.), so is he hoping to get that stock price up high again and then... what happens? I don't know just hope for the best for JCP.
    15 May 2013, 02:56 AM Reply Like
  • JeffreyLangBoyd
    , contributor
    Comments (645) | Send Message
     
    The value of $4.06B assumed that JCP was completely shut-down (dark). The appraised value on a lit basis was $7.4B.

     

    Not familiar with what Morgan Stanley said, but lit versus dark is an important distinction and the $7.4B figure probably should have been mentioned in the note.
    14 May 2013, 10:35 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8140) | Send Message
     
    I sold a ton of $10 strike JCP puts a few weeks ago as they were WAY too expensive.

     

    It was obvious that the valuation had gotten stupid.

     

    (Worked for BBY and SHLD over the last year at different times too.)

     

    Sometimes the market buries these retailers too early!
    14 May 2013, 11:37 PM Reply Like
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