JCPenney’s Retail and Operating Assets to Exit Chapter 11
JCPenney announced that it has completed its previously announced sale, under which Simon Property Group and Brookfield Asset Management, Inc. have acquired substantially all of JCPenney’s retail and operating assets. The Company’s asset purchase agreement with Simon, Brookfield and the Company’s DIP and First Lien Lenders, supported by the Unsecured Creditors Committee, had previously been approved by the U.S. Bankruptcy Court for the Southern District of Texas on November 9, 2020. “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.