J.C. Penney Skips $2.45 Million Rent Payment On Its Plano Headquarters
Jun 12, 2020
J.C. Penney’s landlord has asked the bankruptcy court to force the retailer to pay the $2.45 million monthly rent on its Plano headquarters. Penney filed for Chapter 11 in May. The rent, which was due June 1, is a bankruptcy domino falling on local developer Sam Ware and his partners, who bought the headquarters in late 2016. The rent payment includes almost $1 million that is used to pay operating expenses such as utilities, security and common area maintenance. “There is no extra money available to pay these expenses,” Ware’s group said in a filing Tuesday. Read more at The Dallas Morning News.