JCPenney to emerge from bankruptcy in $800M deal, report says

Thursday, 10 September, 2020

It appears that the 96 year-old department store JCPenney is about to emerge from Chapter 11 bankruptcy.

U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800 million deal that would buy the struggling retailer out of bankruptcy, according to a report by CNBC. The deal would save about 70,000 jobs, along with 650 JCPenney stores from liquidating and shuttering, the report said.

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