Part of J.C. Penney exits bankruptcy
November 30, 2020
Most of J.C. Penney’s stores are set to exit Chapter 11 bankruptcy, with Simon Property Group and Brookfield Capital Partners as the new owners of the retail chain. The same, however, is not yet true for 160 Penney locations and its distribution centers as the would-be purchaser, PropCo.1, has yet to finalize a court-approved plan. As it stands, Penney’s operations will exit bankruptcy next year. The parts of the newly-divided company have agreed to work together when that happens.
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