J.c. penney liquidation ‘not in the cards,’ as retailer moves toward a sale this fall

For bankrupted J.C. Penney, a liquidation is “not in the cards,” according to the department store chain’s attorney. Penney is moving forward with a sale that should be completed by this fall, attorney Joshua Sussberg of Kirkland & Ellis said during a court hearing Wednesday afternoon. “I want to say, unequivocally, we have had not one discussion about a liquidation,” Sussberg said about Penney’s restructuring process. “It’s simply not in the cards.” Sussberg called attention to a report earlier in the week from the New York Post that said the private-equity firm Sycamore was planning to make a $1.75 billion bid to buy the 118-year-old department store chain and merge it with rival Belk. Read more at CNBC.

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