Despite new owners, the woes continue for the ailing JCPenney, which has cut 650 jobs, according to Forbes.
The company originally planned to begin liquidation sales before the new year, with 15 stores slated to close by March.
The 118-year-old retail giant's new owners, Brookfield Partners and Simon Property Group, announced that they are looking for someone "focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney."
J.C. Penney is closing even more stores in March of 2021.
In November, the U.S. Bankruptcy Court for the Southern District of Texas approved a purchase agreement in which substantially all of J.C. Penney’s retail and operating assets would be acquired by its two largest landlords and its primary lenders.
The partnership follows Ulta Beauty Inc.'s deal announced in November to open more than 100 shops inside Target Corp. stores by next year and sell its products on the discount chain's website.
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JCPenney’s retail and operating assets to be acquired by Brookfield Asset Management and Simon Property Group.
According to a press release, the retailer has now filed a draft asset purchase agreement, which brings the department store chain one step closer to a sale with mall owners Brookfield Asset Management and Simon Property Group.
Embattled retailer JC Penney gets a lifeline from two of the nation's largest landlords in a deal valued around $800 million.
J.C. Penney Co. will pursue a bankruptcy sale to top lenders, including H/2 Capital Partners LLC, that would hand them equity in exchange for their debt claims.
The deal could give the Seattle-based online retail giant more warehouse space to unload and pick up packages closer to consumers, speeding up delivery times.
Sycamore sees JCPenney helping to revive the North Carolina-based Belk, a struggling department store chain with 300 stores located mostly in the South, a source said.
JC Penney says it will close an additional 152 stores and cut 1,000 jobs as it tries to fight its way out from under bankruptcy protection.
Ascena Retail Group, the owner of brands like Lane Bryant and Ann Taylor, is preparing to file for bankruptcy as soon as this week, according to Bloomberg.
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J. C. Penney said it had entered into a restructuring support agreement with the lenders.