Penney, which started as a dry goods store in Wyoming in 1902, was one of the first national retailers to file for bankruptcy during the coronavirus pandemic, and while other familiar names like Brooks Brothers and Lord & Taylor have followed, it remains the biggest to fall. Liquidation was floated as a possibility as deal talks stalled this month. The future of the department store chain, which is based in Plano, Texas, and filed for Chapter 11 bankruptcy protection in May, had been unsettled. It was not immediately clear how many stores the mall operators will keep open, or exactly how many jobs they would preserve. ![]() “We are in a position to do exactly what we set out to do at the very beginning of these cases, and that is to preserve 70,000 jobs, a tenant for landlords, a vendor partner and a company that has been around for more than a century,” Joshua Sussberg, a lawyer at Kirkland & Ellis, which has been representing J.C. Penney at $1.75 billion, including the funds committed to support its business after it emerges from bankruptcy. Penney into separate companies, with Simon and Brookfield running the retail business and its creditors owning a portion of its real estate. Penney, lawyers for the retailer said at a Bankruptcy Court hearing. Simon and Brookfield will pay about $300 million in cash and assume $500 million in debt to buy J.C. ![]() Penney reached an agreement to sell its retail business to the mall operators Simon Property Group and Brookfield Property Partners on Wednesday, averting a total liquidation that would have had significant ripple effects through the industry and cost tens of thousands of jobs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |