JCPenney's retail, operating assets to exit Chapter 11

09 Dec '20

1 min read

Pic: JCPenney

JCPenney recently announced completing its previously announced sale, under which Simon Property Group and Brookfield Asset Management have acquired substantially all of its retail and operating assets. The company’s asset purchase agreement (APA) had been approved by the US Bankruptcy Court for the Southern District of Texas on November 9.

“Today is an exciting day for our company, as we have accomplished our goal of putting JCPenney on a secure path for the future as a private company so that we can continue to serve our loyal customers,” said Jill Soltau, chief executive officer of JCPenney.

“With this closing, our operating company has exited Chapter 11 and is continuing under new ownership and the JCPenney banner,” said David Simon, chairman, chief executive officer and president of Simon Property Group.

“JCPenney is now poised for a future focused on innovation and consumers, while continuing to navigate through the pandemic. We are excited about JCPenney’s future growth and look forward to collaborating with the JCPenney team to serve its customers and communities,” he added.

Fibre2Fashion News Desk (DS)

More JC Penney Company Inc News... More Retail News - United States Of America...