Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JCPenney Reaches Deal for Sale to Simon, Brookfield
JCPenney has reached a tentative deal to sell its business and stores to a group including Simon Property Group, Brookfield Property Partners and bankruptcy lenders. The Plano, TX-based retailer filed for Chapter 11 protection in May.
Among other components, the deal would entail a $300-million investment by Simon and Brookfield, along with the assumption of $500 million in debt. It’s expected to save more than 600 stores and 70,000 jobs.
The deal, reportedly in the works for weeks, stalled last week, increasing the likelihood of total liquidation. But Joshua Sussberg, a Kirkland & Ellis lawyer representing JCPenney, said Wednesday during a court hearing that the retailer had patched things up with its prospective buyers.
“We believe and feel comfortable that everybody will be rowing in the same direction,” he said. “We’ve had a few screaming matches, including earlier today, but we got there.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
