Simon, Brookfield to Acquire JC Penney

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Simon, Brookfield to Acquire JC Penney

Postby PinkDiamond » Tue Sep 15, 2020 7:06 pm

We just saw that Neiman's is pulling themselves back from the brink of bankruptcy, and now JC Penney appears to be following suit; another good indicator of things recovering. :)

Simon, Brookfield to Acquire JC Penney
By Lenore Fedow
lenore.fedow@nationaljeweler.com
September 15, 2020


Image
JC Penney may soon be acquired by mall owners Simon Property Group and Brookfield Property Partners.

"Plano, Texas—JC Penney may be saved after all.

Simon Property Group and Brookfield Property Partners are finalizing an $800 million deal to buy the department store chain.

The mall owners will pay $300 million in cash and assume $500 million in debt, according to a statement by Joshua Sussberg of the law firm Kirkland & Ellis, which is representing JC Penney.

The move would allow the retailer to avoid liquidation, said Sussberg.

The deal would keep 650 of its 850 locations open and save 70,000 of its 85,000 jobs.

“We are in a position to ... "

https://www.nationaljeweler.com/majors/ ... -jc-penney
PinkDiamond
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