fbpx
Building Successful Relationships

Mall Owners Simon and Brookfield to acquire J.C. Penney

Mall Owners Simon and Brookfield to acquire J.C. PenneyJ.C. Penney has reached a tentative deal to sell its business and stores to a group of mall owners and lenders in a move that would save the department store chain from liquidation.

The retailer disclosed Wednesday during a bankruptcy hearing that it had struck the deal with Simon Property Group, Brookfield Property Group and a group of bankruptcy lenders.

The deal is expected to save more than 600 stores and 70,000 jobs. The company has separately announced plans to liquidate 242 locations.

Read on USA Today

Share

Share

Share