Tuesday, November 30, 2021
70.6 F
Fort Worth

JC Penney sees bankruptcy protection exit by Christmas

🕐 1 min read

NEW YORK (AP) — 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 beleaguered, century-old retailer said Wednesday that it has filed a draft asset purchase agreement with the two biggest mall owners in the U.S. Substantially 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 of the deal that will save roughly 70,000 jobs and avert a total liquidation first emerged last month during a bankruptcy hearing.

J.C. Penney, which even before the pandemic had struggled to compete with the likes of Amazon.com, Target and Walmart, became one of the largest retailers to file for Chapter 11 bankruptcy protection this year amid a wave of store closures forced by the spread of COVID-19 infections in the U.S.

More than two dozen retailers have filed for bankruptcy protection since the pandemic closed stores, restaurants, gyms and other businesses across the country.

The Plano, Texas, retailer will shed nearly a third of its stores in the next two years as it restructures, leaving just 600 locations open.

Related Articles

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate