J.C. Penney’s Deal With Simon And Brookfield Is Almost Done, But Its Retail Struggles Aren’t
Nov 11, 2020
J.C. Penney’s plan to sell its department store operations to landlords Simon Property Group and Brookfield Asset Management won approval in federal bankruptcy court on Monday. The court confirmation puts the deal in its final stages, setting up the company to change hands going into the holidays after decades of Penney being a publicly traded company. The company said in a press release it expects the transaction to close in late November. The sale and approval followed a hearing packed with hours of testimony as well as months of negotiations and fights among stakeholder groups. Read more at Retail Dive.