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JC Penney Exits Bankruptcy
The retailer sold its retail and operating assets to Simon Property Group and Brookfield Asset Management in a deal valued at $800 million.
Plano, Texas—JC Penney has exited bankruptcy proceedings just in time for the holidays.
The retailer completed the sale of its retail and operating assets in an $800 million deal with mall owners Simon Property Group and Brookfield Asset Management.
The deal is expected to keep 650 of its 850 locations open and save 70,000 of its 85,000 jobs.
“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 JC Penney CEO Jill Soltau in a statement.
Simon Property Group CEO David Simon added: “We have always been firm believers in JCPenney, and are very pleased to help preserve this iconic institution and save tens of thousands of jobs.”
The court also approved the company’s reorganization plan to split itself into two parts: a retailer and a property holding company, comprised of 160 of its real estate assets and all of its owned distribution centers.
With the sale completed, JC Penney now also has access to $1.5 billion in new financing.
In National Jeweler's 2020 State of the Majors report, J.C. Penney stood at No. 8 on the list of $100 Million Supersellers, with an estimated $641 million in annual jewelry and watch sales.
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