The retailer has said that it expects to be operating outside of Chapter 11 before the holiday season.
Following a period in Chapter 11 bankruptcy, J.C. Penney’s has finally entered into an asset purchase agreement with Brookfield and Simon – the department store retailers two largest landlords and a majority of the company’s first lien lenders. The agreement will see Simon and Brookfield acquire substantially all of Penney’s retail and operating assets.
“Signing a definitive APA with Brookfield, Simon and our majority first lien lenders allows us to more forward towards the completion of our financial restricting – and we are looking forward to operating under new ownership outside Chapter 11 in advance of the 2020 holiday season. This transaction is a testament to the thousands of dedicated employees who have been working incredibly hard over the last several months under difficult circumstances,” commented Chief Executive Officer of J.C. Penney, Jill Soltau.
