NewsBusiness

Actions

JCPenney purchase approved by court, on track to operate under new ownership this month

CORP-Digital-Default-Image-1280x720-KNXV.png
Posted at 9:00 AM, Nov 12, 2020
and last updated 2020-11-12 11:00:37-05

PLANO, TX — J.C. Penney is slated to begin operating under new ownership by late November after the U.S. Bankruptcy Court approved an asset purchase agreement, the company announced Monday.

In September, the Plano-based retail giant reached a deal to sell its retail business and mall operators to Simon Property Group and Brookfield Property Partners, two major U.S. mall operators, after filing for Chapter 11 in May due to unprecedented changes caused by the COVID-19 pandemic.

“Our goal from the beginning of this process has been to ensure J.C. Penney will continue to serve customers for decades to come and this court approval accomplishes that objective,” J.C. Penney CEO Jill Soltau said in a prepared statement. “With the 2020 holiday season in full swing, we are excited to operate under the new ownership of Brookfield and Simon outside of Chapter 11 and under the JCPenney banner.”

Read the full article at Phoenix Business Journal.