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J.C. Penney plans on emerging from bankruptcy before Christmas

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Copyright 2020 The Associated Press. All rights reserved
Paul Sancya/AP
FILE - In this May 8, 2020, file photo, a J.C. Penney store sits closed in Roseville, Mich. The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate. Penney said late Friday, May 15, 2020, it will be closing some stores and will be disclosing details and timing in the next few weeks. (AP Photo/Paul Sancya, File)
J.C. Penney announces 13 more stores closing
Posted at 11:58 AM, Oct 22, 2020
and last updated 2020-10-22 14:58:14-04

J.C. Penney believes it will emerge from bankruptcy-protection before Christmas under a new ownership agreement that would save tens of thousands of jobs.

The retailer said it has filed a draft asset purchase agreement with the two biggest mall owners in the United States. All of J.C. Penney's retail and operating assets will be acquired by Brookfield Asset Management inc. and Simon Property Group through a combination of cash and new term loan debt.

Details on the deal that will save roughly 70,000 jobs and avert a total liquidation first emerged last month during a bankruptcy hearing.

Copyright 2021 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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