Is JCPenney Really Saved From Extinction?
JCPenney finally has signed an asset purchase agreement with Simon Property Group and Brookfield Asset Management. The company also signed agreements with a majority of the company’s DIP (Debtor-in-Possession) lenders and First Lien Lenders. That is good news, since it will enable the company to move ahead and plan exit from the chapter XI bankruptcy proceedings. Judge David Jones proved to be a very patient but persistent judge to preside over a drawn-out process and now finally see the light at the end of a very long tunnel. It looks like JCPenney has avoided liquidation and the majority of jobs have been saved. Jill Soltau, CEO of JCPenney, will be able to operate the company under the new ownership and expects to lead the business in advance of the holiday season. She says that her team remains laser focused on implementing their plan for renewal by offering compelling merchandise, driving traffic, and delivering an engaging experience to achieve true growth and build a results-minded culture. I wish I could share her optimism that such results will be seen after the hard-fought battles in court. Read more at Forbes.
