PLANO, Texas – By the end of the month, JCPenney expects to be under new ownership and operating outside of Chapter 11 bankruptcy.
Earlier this week, the company announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved the previously announced asset purchase agreement with mall operators Brookfield Asset Management Inc. and Simon Property Group as well as the retailer’s DIP and first lien lenders. Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets through a combination of cash and new term loan debt.
“Our goal from the beginning of this process has been to ensure JCPenney will continue to serve customers for decades to come and this court approval accomplishes that objective,” said Jill Soltau, CEO of JCPenney. “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.”
She said the company will carry forward on implementing the “Plan for Renewal” it launched in 2019. Its key objectives include offering compelling merchandise, driving traffic, delivering an engaging experience, fueling growth and building a results-minded culture.
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