JC Penney expects to exit bankruptcy by the end of this month and operate under a new owner.
The US Bankruptcy Court for the Southern District of Texas has approved the previously announced asset purchase agreement with mall operators Brookfield Asset Management Inc. and Simon Property Group as well as the retailer’s DIP and first lien lenders. Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets through a combination of cash and new term loan debt.
The company will carry forward on implementing the “Plan for Renewal” it launched in 2019. Its key objectives include offering compelling merchandise, driving traffic, delivering an engaging experience, fueling growth and building a results-minded culture.
