Exhibit 99.1
Variance Report
(US $ MMs)
1 Week From: 4-Oct to 10-Oct | 4 Weeks From: 13-Sep to 10-Oct | |||||||||||||||||||||||||||||||||||||
Variance Report(1) | Week Beginning Week(s) Ending | Budget 4-Oct 10-Oct | Actual 4-Oct 10-Oct | Budget $ | Variance % | Budget 13-Sep 10-Oct | Actual 13-Sep 10-Oct | Budget $ | Variance % | |||||||||||||||||||||||||||||
Net Sales | $ | 134.6 | $ | 126.9 | $ | (7.7 | ) | -5.7 | % | $ | 488.0 | $ | 511.2 | $ | 23.2 | 4.7 | % | |||||||||||||||||||||
Collections & Disbursements |
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Cash Receipts | ||||||||||||||||||||||||||||||||||||||
1 | Sales Receipts | $ | 136.4 | $ | 142.6 | $ | 6.3 | 4.6 | % | $ | 514.6 | $ | 574.6 | $ | 60.0 | 11.7 | % | |||||||||||||||||||||
2 | Other Receipts | 2.5 | 6.7 | 4.1 | 161.5 | % | 95.6 | 86.0 | (9.6 | ) | -10.0 | % | ||||||||||||||||||||||||||
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Total Collections | $ | 138.9 | $ | 149.3 | $ | 10.4 | 7.5 | % | $ | 610.2 | $ | 660.7 | $ | 50.4 | 8.3 | % | ||||||||||||||||||||||
Operating Disbursements | ||||||||||||||||||||||||||||||||||||||
3 | Domestic Merchandise Vendor |
| $ | (53.4 | ) | $ | (56.7 | ) | $ | (3.3 | ) | -6.2 | % | $ | (216.0 | ) | $ | (273.0 | ) | $ | (57.0 | ) | -26.4 | % | ||||||||||||||
4 | Import Merchandise Vendor |
| (26.6 | ) | (23.1 | ) | 3.6 | 13.3 | % | (201.6 | ) | (108.3 | ) | 93.4 | 46.3 | % | ||||||||||||||||||||||
5 | Sales, Use, and Other Taxes |
| (1.4 | ) | (2.8 | ) | (1.3 | ) | -91.0 | % | (43.6 | ) | (36.7 | ) | 6.9 | 15.9 | % | |||||||||||||||||||||
6 | Freight, Duty, and Broker |
| (9.1 | ) | (7.0 | ) | 2.1 | 23.3 | % | (48.7 | ) | (32.8 | ) | 15.9 | 32.6 | % | ||||||||||||||||||||||
7 | Payroll and Benefits | (16.8 | ) | (19.2 | ) | (2.4 | ) | -14.5 | % | (126.6 | ) | (108.2 | ) | 18.4 | 14.5 | % | ||||||||||||||||||||||
8 | Occupancy | (18.9 | ) | (6.9 | ) | 12.1 | 63.8 | % | (54.4 | ) | (45.4 | ) | 9.0 | 16.5 | % | |||||||||||||||||||||||
9 | Non-Marketing Operating (NFR) |
| (15.0 | ) | (15.9 | ) | (0.9 | ) | -5.7 | % | (58.0 | ) | (77.8 | ) | (19.8 | ) | -34.1 | % | ||||||||||||||||||||
10 | Marketing | (3.0 | ) | (6.7 | ) | (3.6 | ) | -119.3 | % | (12.8 | ) | (20.5 | ) | (7.6 | ) | -59.5 | % | |||||||||||||||||||||
11 | Other | — | (0.1 | ) | (0.1 | ) | 0.0 | % | — | (0.6 | ) | (0.6 | ) | 0.0 | % | |||||||||||||||||||||||
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Total Operating Disbursements |
| $ | (144.3 | ) | $ | (138.2 | ) | $ | 6.1 | 4.2 | % | $ | (761.8 | ) | $ | (703.3 | ) | $ | 58.5 | 7.7 | % | |||||||||||||||||
Non-Operating Disbursements |
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12 | Debt Service and Fees | $ | (0.5 | ) | $ | (22.2 | ) | $ | (21.7 | ) | -4341.0 | % | $ | (31.3 | ) | $ | (34.5 | ) | $ | (3.1 | ) | -10.0 | % | |||||||||||||||
13 | Restructuring Professionals |
| (1.2 | ) | (2.9 | ) | (1.7 | ) | -142.5 | % | (17.6 | ) | (9.9 | ) | 7.7 | 43.8 | % | |||||||||||||||||||||
14 | Other Non-Operating | (0.5 | ) | (0.0 | ) | 0.5 | 92.8 | % | (5.7 | ) | (4.6 | ) | 1.0 | 18.3 | % | |||||||||||||||||||||||
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Total Non-Operating Disbursements |
| $ | (2.2 | ) | $ | (25.1 | ) | $ | (22.9 | ) | -1034.9 | % | $ | (54.6 | ) | $ | (49.0 | ) | $ | 5.6 | 10.3 | % | ||||||||||||||||
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Net Cash Flow | $ | (7.6 | ) | $ | (14.0 | ) | $ | (6.4 | ) | 84.2 | % | $ | (206.2 | ) | $ | (91.6 | ) | $ | 114.6 | 55.6 | % | |||||||||||||||||
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Notes:
(1) | This variance report reflects measurements against the Third Updated DIP Budget |
Covenant Testing
($ MMs)
4 Weeks From: 13-Sep to 10-Oct | ||||||||||||||||||||||
Variance Report(1) | Budget 13-Sep 10-Oct | Actual 13-Sep 10-Oct | Variance to Budget % | Threshold Test | ||||||||||||||||||
Cash Flow Tests | Test % | |||||||||||||||||||||
1) Actual Receipts | Test | |||||||||||||||||||||
1 | Sales Receipts | 85.0 | % | $ | 514.6 | $ | 574.6 | |||||||||||||||
2 | Other Receipts | 85.0 | % | 95.6 | 86.0 | |||||||||||||||||
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Total Receipts | 85.0 | % | $ | 610.2 | $ | 660.7 | 108.3 | % | Pass | |||||||||||||
2) Actual Disbs. to Merchandise Vendors | Test | |||||||||||||||||||||
3 | Domestic Merchandise Vendor | 110.0 | % | $ | (216.0 | ) | $ | (273.0 | ) | |||||||||||||
4 | Import Merchandise Vendor | 110.0 | % | (201.6 | ) | (108.3 | ) | |||||||||||||||
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Total Merchandise Vendor Disbursements | 110.0 | % | $ | (417.6 | ) | $ | (381.2 | ) | 91.3 | % | Pass | |||||||||||
3) Actual Disbursements (excl. Pro Fees) | ||||||||||||||||||||||
3 | Domestic Merchandise Vendor | 112.5 | % | $ | (216.0 | ) | $ | (273.0 | ) | |||||||||||||
4 | Import Merchandise Vendor | 112.5 | % | (201.6 | ) | (108.3 | ) | |||||||||||||||
5 | Sales, Use, and Other Taxes | 112.5 | % | (43.6 | ) | (36.7 | ) | |||||||||||||||
6 | Freight, Duty, and Broker | 112.5 | % | (48.7 | ) | (32.8 | ) | |||||||||||||||
7 | Payroll and Benefits | 112.5 | % | (126.6 | ) | (108.2 | ) | |||||||||||||||
8 | Occupancy | 112.5 | % | (54.4 | ) | (45.4 | ) | |||||||||||||||
9 | Non-Marketing Operating (NFR) | 112.5 | % | (58.0 | ) | (77.8 | ) | |||||||||||||||
10 | Marketing | 112.5 | % | (12.8 | ) | (20.5 | ) | |||||||||||||||
11 | Other | 112.5 | % | — | (0.6 | ) | ||||||||||||||||
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Operating Disbursements | $ | (761.8 | ) | $ | (703.3 | ) | ||||||||||||||||
10 | Debt Service and Fees | 112.5 | % | (31.3 | ) | (34.5 | ) | Test | ||||||||||||||
11 | Other Non-Operating | 112.5 | % | (5.7 | ) | (4.6 | ) | |||||||||||||||
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Non-Operating Disbursements | $ | (37.0 | ) | $ | (39.1 | ) | ||||||||||||||||
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Total Disbursements (excl. Pro Fees) | 112.5 | % | $ | (798.8 | ) | $ | (742.4 | ) | 92.9 | % | Pass | |||||||||||
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Notes:
(1) | This variance report reflects measurements against the Third Updated DIP Budget |
Covenant Testing
(US $ MMs)
Third Updated DIP Budget | Actuals Weekly Build Up | |||||||||||||||||||||||||||||||||||||||||||||
Variance Report(1) | 19-Sep | 26-Sep | 3-Oct | 10-Oct | Total | 19-Sep | 26-Sep | 3-Oct | 10-Oct | Total | ||||||||||||||||||||||||||||||||||||
Cash Flow Tests | Test% | |||||||||||||||||||||||||||||||||||||||||||||
1) Actual Receipts | ||||||||||||||||||||||||||||||||||||||||||||||
1 | Sales Receipts | 85.0 | % | $ | 129.5 | $ | 125.6 | $ | 123.1 | $ | 136.4 | $ | 514.6 | $ | 141.5 | $ | 139.5 | $ | 151.1 | $ | 142.6 | $ | 574.6 | |||||||||||||||||||||||
2 | Other Receipts | 85.0 | % | 1.3 | 91.1 | 0.7 | 2.5 | 95.6 | 3.6 | 73.9 | 1.8 | 6.7 | 86.0 | |||||||||||||||||||||||||||||||||
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Total Receipts | 85.0 | % | $ | 130.8 | $ | 216.7 | $ | 123.8 | $ | 138.9 | $ | 610.2 | $ | 145.1 | $ | 213.4 | $ | 152.9 | $ | 149.3 | $ | 660.7 | ||||||||||||||||||||||||
2) Actual Disbs. to Merchandise Vendors |
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3 | Domestic Merchandise Vendor | 110.0 | % | $ | (40.3 | ) | $ | (42.2 | ) | $ | (80.1 | ) | $ | (53.4 | ) | $ | (216.0 | ) | $ | (79.3 | ) | $ | (68.6 | ) | $ | (68.3 | ) | $ | (56.7 | ) | $ | (273.0 | ) | |||||||||||||
4 | Import Merchandise Vendor | 110.0 | % | (60.8 | ) | (68.7 | ) | (45.6 | ) | (26.6 | ) | (201.6 | ) | (27.2 | ) | (28.6 | ) | (29.3 | ) | (23.1 | ) | (108.3 | ) | |||||||||||||||||||||||
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Total Merchandise Vendor Disbursements | 110.0 | % | $ | (101.1 | ) | $ | (110.8 | ) | $ | (125.7 | ) | $ | (80.0 | ) | $ | (417.6 | ) | $ | (106.6 | ) | $ | (97.2 | ) | $ | (97.7 | ) | $ | (79.7 | ) | $ | (381.2 | ) | ||||||||||||||
3) Actual Disbursements (excl. Pro Fees) |
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3 | Domestic Merchandise Vendor | 112.5 | % | $ | (40.3 | ) | $ | (42.2 | ) | $ | (80.1 | ) | $ | (53.4 | ) | $ | (216.0 | ) | $ | (79.3 | ) | $ | (68.6 | ) | $ | (68.3 | ) | $ | (56.7 | ) | $ | (273.0 | ) | |||||||||||||
4 | Import Merchandise Vendor | 112.5 | % | (60.8 | ) | (68.7 | ) | (45.6 | ) | (26.6 | ) | (201.6 | ) | (27.2 | ) | (28.6 | ) | (29.3 | ) | (23.1 | ) | (108.3 | ) | |||||||||||||||||||||||
5 | Sales, Use, and Other Taxes | 112.5 | % | (18.5 | ) | (19.1 | ) | (4.5 | ) | (1.4 | ) | (43.6 | ) | (20.7 | ) | (12.7 | ) | (0.6 | ) | (2.8 | ) | (36.7 | ) | |||||||||||||||||||||||
6 | Freight, Duty, and Broker | 112.5 | % | (9.2 | ) | (22.1 | ) | (8.3 | ) | (9.1 | ) | (48.7 | ) | (5.0 | ) | (14.5 | ) | (6.4 | ) | (7.0 | ) | (32.8 | ) | |||||||||||||||||||||||
7 | Payroll and Benefits | 112.5 | % | (42.9 | ) | (17.0 | ) | (50.0 | ) | (16.8 | ) | (126.6 | ) | (30.5 | ) | (20.2 | ) | (38.3 | ) | (19.2 | ) | (108.2 | ) | |||||||||||||||||||||||
8 | Occupancy | 112.5 | % | (7.5 | ) | (13.1 | ) | (14.9 | ) | (18.9 | ) | (54.4 | ) | (7.0 | ) | (16.0 | ) | (15.6 | ) | (6.9 | ) | (45.4 | ) | |||||||||||||||||||||||
9 | Non-Marketing Operating (NFR) | 112.5 | % | (10.7 | ) | (22.6 | ) | (9.7 | ) | (15.0 | ) | (58.0 | ) | (18.1 | ) | (21.3 | ) | (22.5 | ) | (15.9 | ) | (77.8 | ) | |||||||||||||||||||||||
10 | Marketing | 112.5 | % | (3.7 | ) | (3.0 | ) | (3.1 | ) | (3.0 | ) | (12.8 | ) | (4.6 | ) | (6.1 | ) | (3.1 | ) | (6.7 | ) | (20.5 | ) | |||||||||||||||||||||||
11 | Other | 112.5 | % | — | — | — | — | — | (0.4 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.6 | ) | ||||||||||||||||||||||||||||
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Operating Disbursements | $ | (193.5 | ) | $ | (207.7 | ) | $ | (216.3 | ) | $ | (144.3 | ) | $ | (761.8 | ) | $ | (192.7 | ) | $ | (188.2 | ) | $ | (184.2 | ) | $ | (138.2 | ) | $ | (703.3 | ) | ||||||||||||||||
10 | Debt Service and Fees | 112.5 | % | (0.5 | ) | (0.5 | ) | (29.8 | ) | (0.5 | ) | (31.3 | ) | (0.5 | ) | (0.5 | ) | (11.2 | ) | (22.2 | ) | (34.5 | ) | |||||||||||||||||||||||
11 | Other Non-Operating | 112.5 | % | (1.7 | ) | (1.7 | ) | (1.7 | ) | (0.5 | ) | (5.7 | ) | (3.8 | ) | (0.2 | ) | (0.5 | ) | (0.0 | ) | (4.6 | ) | |||||||||||||||||||||||
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Non-Operating Disbursements | $ | (2.2 | ) | $ | (2.2 | ) | $ | (31.5 | ) | $ | (1.0 | ) | $ | (37.0 | ) | $ | (4.4 | ) | $ | (0.7 | ) | $ | (11.7 | ) | $ | (22.2 | ) | $ | (39.1 | ) | ||||||||||||||||
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Total Disbursements (excl. Pro Fees) | 112.5 | % | $ | (195.7 | ) | �� | $ | (209.9 | ) | $ | (247.8 | ) | $ | (145.3 | ) | $ | (798.8 | ) | $ | (197.1 | ) | $ | (188.9 | ) | $ | (195.9 | ) | $ | (160.4 | ) | $ | (742.4 | ) | |||||||||||||
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Notes:
(1) | This variance report reflects measurements against the Third Updated DIP Budget |
Book Cash Report
(USD $)
Book Cash Balance | ||||||
Consolidated Book Cash Accounts | 10-Oct-20 | |||||
Debtor Accounts | ||||||
1 | Short Term Investment | $ | 607,177,270 | |||
2 | Escrows | 12,536,828 | ||||
3 | International (incl. non-Debtors) | 15,615,428 | ||||
4 | Store Accounts | 3,686,740 | ||||
5 | Other Operating Accounts | 268,274,795 | ||||
6 | Other Domestic non-Debtor Accounts | 4,841,878 | ||||
7 | Cash on Hand (In Stores) | 25,925,441 | ||||
8 | Cash In Transit | 33,841,721 | ||||
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Total Holdings and Subsidiaries Book Cash | $ | 971,900,101 | ||||
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Test Threshold | $ | 50,000,000 | ||||
Minimum Required Book Cash | Pass |
ABL Borrowing Base
As of October 10, 2020
A. | Available Credit Card Receivables | $ | 34,305,462 | |||||||
B. | Available Inventory | $ | 1,404,728,698 | |||||||
C. | Availability Reserves | $ | 140,640,236 | |||||||
D. | Borrowing Base (A+B-C) | $ | 1,298,393,923 | |||||||
Lower of: | ||||||||||
Borrowing Base | $ | 1,298,393,923 | ||||||||
Revolving Commitment | $ | 2,350,000,000 | ||||||||
E. | $ | 1,298,393,923 | ||||||||
Revolving Credit Outstandings: | ||||||||||
Revolving Loans | $ | 1,262,972,284 | ||||||||
Standby Letters of Credit | $ | 137,035,059 | ||||||||
Commercial Letters of Credit | $ | 0 | ||||||||
F. | Total Revolving Credit Outstandings | $ | 1,400,007,343 | |||||||
G. | Facility Availability (E-F) | -$ | 101,613,419 | |||||||
H. | Minimum Excess Availability (7.5% of E up to $200,000,000) | $ | 97,379,544 | |||||||
I. | Facility Availability After Minimum Excess Availability Covenant (G-H) |
| -$ | 198,992,963 |
Summary of Wind Down Budget
As of October 16, 2020 (unless otherwise stated)
(US$ in 000’s)
Description | Estimated Amount | Estimated Reserve Cash Cost | ||||||
SAP Claims/Unsecured Claims/Cure Amounts(1)(7) | Estimated Claim | |||||||
Total Estimated Cure Amounts | $ | 57,025 | $ | 57,025 | ||||
Secured Claims | ||||||||
DIP | 900,000 | — | ||||||
ABL | 1,255,816 | — | ||||||
First Lien | 469,261 | — | ||||||
Second Lien | 400,000 | — | ||||||
Other Secured | 1,666,805 | TBD | ||||||
Filed Unsecured Claims | 2,844,360 | TBD | ||||||
Total Claims / Cure Amounts | $ | 7,593,267 | $ | 57,025 | ||||
Potential Excluded Liabilities - Net Working Capital(2)(3)(7) | GAAP Liability as of 9/5 TB | |||||||
Total Potential Excluded Liabilities - NWC | $ | 201,752 | TBD | |||||
Potential Excluded Liabilities - Long Term Liabilities(2)(3)(7) | GAAP Liability as of 9/5 TB | |||||||
Total Potential Excluded Liabilities - LTL | $ | 124,081 | TBD | |||||
Estate Costs(3)(4)(7)(8) | Estimated Cost | |||||||
Total Estate Costs | $ | 60,534 | $ | 60,534 |
Footnotes:
(1) | All swap costs, accrued interest, accrued fees, and secured debt are assumed to have been settled at emergence and not included within the wind down budget herein. |
(2) | These balances represent the GAAP liability from the 9/5 trial balance. Currently assessing the impact of cash vs. book GAAP accounting, which made materially change amounts. |
(3) | Where noted TBD, the estimated reserve cash cost is currently unknown, if any, until the finalization of the Asset Purchase Agreement. |
(4) | Assumes all costs of keeping PropCo properties along with employee leasing arrangements will be fully covered by OpCo. |
(7) | Governmental Bar Date is November 12th and could materially change the asserted amount of the claims. Additionally, further estimation necessary for taxes that may not be subject to bar date or be reflected in GAAP accrual. |
(8) | To the extent PropCo emergence occurs after January 2021, additional state income taxes could arise. |
Lease Restructuring Savings Summary
Store Count | FY 2020 Savings | FY 2021 Savings | FY 2022 Savings | FY 2023+ Savings | Total Term Reduction Savings | Total Rent Abatement | Total Rent Deferral | Total Debtor Cure | Total Cure Waiver | Total Cure Deferral | Total Deal Savings (not incl. Cure) | |||||||||||||||||||||||||||||||||||||
Approved - JCP & Lenders | 160 | $ | 34,218,238 | $ | 25,034,248 | $ | 20,828,782 | $ | 35,193,209 | $ | 0 | $ | 16,116,562 | $ | 0 | $ | 4,378,855 | $ | 4,269,675 | $ | 0 | $ | 115,274,477 | |||||||||||||||||||||||||
Approved by Company | 22 | $ | 5,142,851 | $ | 4,141,845 | $ | 3,593,825 | $ | 6,327,727 | $ | 0 | $ | 2,557,918 | $ | 0 | $ | 628,263 | $ | 628,264 | $ | 0 | $ | 19,206,248 | |||||||||||||||||||||||||
Pending Approval by Company | 1 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Negotiations Ongoing | 266 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
No Deal Possible | 0 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
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TOTALS (Approved & Submitted) | 182 | $ | 39,361,090 | $ | 29,176,093 | $ | 24,422,607 | $ | 41,520,935 | $ | 0 | $ | 18,674,480 | $ | 0 | $ | 5,007,118 | $ | 4,897,939 | $ | 0 | $ | 134,480,725 | |||||||||||||||||||||||||
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Forecasted Performance Summary
Store Count | FY 2020 Sales | FY 2021 Sales | FY 2022 Sales | FY 2020 Unallocated Store Contribution Profit | FY 2021 Unallocated Store Contribution Profit | FY 2022 Unallocated Store Contribution Profit | FY 2020 Unallocated Store Contribution Margin (Mean) | FY 2020 Unallocated Store Contribution Margin (Median) | FY 2021 Unallocated Store Contribution Margin (Mean) | FY 2021 Unallocated Store Contribution Margin (Median) | ||||||||||||||||||||||||||||||||||
Approved - Lease Restructuring Approved by Company and Lenders | 160 | $ | 892,356,637 | $ | 1,447,780,749 | $ | 1,444,365,692 | -$ | 19,313,632 | $ | 119,195,324 | $ | 176,220,250 | -2.04 | % | -1.76 | % | 7.79 | % | 8.83 | % | |||||||||||||||||||||||
Approved - Lease Restructuring Approved by Company Only | 22 | $ | 142,706,260 | $ | 237,132,903 | $ | 241,804,767 | -$ | 756,232 | $ | 22,697,934 | $ | 31,792,812 | -0.93 | % | 0.12 | % | 9.35 | % | 9.64 | % |
Forecasted Performance with Lease Restructuring Summary
Store Count | FY 2020 Sales | FY 2021 Sales | FY 2022 Sales | FY 2020 Unallocated Store Contribution Profit | FY 2021 Unallocated Store Contribution Profit | FY 2022 Unallocated Store Contribution Profit | FY 2020 Unallocated Store Contribution Margin (Mean) | FY 2020 Unallocated Store Contribution Margin (Median) | FY 2021 Unallocated Store Contribution Margin (Mean) | FY 2021 Unallocated Store Contribution Margin (Median) | ||||||||||||||||||||||||||||||||||
Approved - Lease Restructuring Approved by Company and Lenders | 160 | $ | 892,356,637 | $ | 1,447,780,749 | $ | 1,444,365,692 | $ | 14,904,606 | $ | 144,229,572 | $ | 197,049,032 | 1.92 | % | 2.00 | % | 10.51 | % | 10.27 | % | |||||||||||||||||||||||
Approved - Lease Restructuring Approved by Company Only | 22 | $ | 142,706,260 | $ | 237,132,903 | $ | 241,804,767 | $ | 4,386,619 | $ | 26,839,779 | $ | 35,386,637 | 2.96 | % | 2.61 | % | 11.35 | % | 11.15 | % |
Note: Tables above reflect information as of October 13, 2020
SUMMARY - LEASE RESTRUCTURINGS APPROVED BY COMPANY AND LENDERS
(AS OF OCTOBER 13, 2020)
SUMMARY - LEASE RESTRUCTURINGS APPROVED BY COMPANY AND LENDERS
(AS OF OCTOBER 13, 2020)
(1) | Final Control Date represents exercise of all available extension options. |
SUMMARY - LEASE RESTRUCTURINGS APPROVED BY COMPANY ONLY
(AS OF OCTOBER 13, 2020)
SUMMARY - LEASE RESTRUCTURINGS APPROVED BY COMPANY ONLY
(AS OF OCTOBER 13, 2020)
(1) | Final Control Date represents exercise of all available extension options. |
Top Suppliers for the Fiscal Year Ended February 1, 2020
(Measured by Dollar Volume of Purchases)
Fiscal Year Ended February 1, 2020 Spend ($USD) | ||||
1. Merchandise Supplier - National Brand Apparel and Footwear | 329,957,424 | |||
2. Service Provider - Marketing | 216,378,390 | |||
3. Service Provider - Freight and Shipping | 207,025,578 | |||
4. Merchandise Supplier – National Brand Apparel | 193,015,132 | |||
5. Service Provider – Freight and Shipping | 148,591,542 | |||
6. Service Provider – Instore Services | 94,476,695 | |||
7. Service Provider – Marketing | 87,918,316 | |||
8. Merchandise Supplier – Private Brand Apparel | 73,451,234 | |||
9. Merchandise Supplier – National Brand Apparel | 68,256,781 | |||
10. Service Provider - Marketing | 66,438,684 | |||
Top 11-20 Suppliers | 529,968,386 |
Letters of Credit
Beneficiary / Category | Letters of Credit Balances As of October 3, 2020 in US$ | Expiration | ||||
Insurance | $ | 114,255,313 | Various dates between February 2021 and June 2021 | |||
Utility Support | $ | 1,398,427 | Various dates between October 2020 and May 2021 | |||
Vendor Support | $ | 21,527,719 | Various dates between October 2020 and April 2021 | |||
Total | $ | 137,181,459 | Various dates between October 2020 and June 2021 |
DRAFT - SUBJECT TO CHANGE
CONSIGNMENT POOL REPORT
AS OF OCTOBER 13, 2020
Open Invoice Data as of Oct 13, 2020 | ||||||||||||||||
Pre-Petition Inventory Amount | Pre-Petition Open Invoices [2] | Post-Petition Open Invoices | Total Open Invoices | |||||||||||||
Total | $ | 118,864,743.65 | $ | (299,032.35 | ) | $ | 4,474,429.61 | $ | 4,175,397.26 |
[2] | The large number of negative pre-petition invoices is primarily due to inventory reconciliations and adjustments made by JCP during the COVID-19 shutdown period |