JCPenney has secured approval from the U.S. Bankruptcy Court for the Southern District of Texas for its previously announced asset purchase agreement with Brookfield Asset Management, Simon Property Group and a group of lenders.
Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets for approximately $800 million through a combination of cash and new term loan debt.
“Our goal from the beginning of this process has been to ensure JCPenney will continue to serve customers for decades to come and this Court approval accomplishes that objective,” said Jill Soltau, CEO for Plano-based JCPenney. “With the 2020 holiday season in full swing, we are excited to operate under the new ownership of Brookfield and Simon outside of Chapter 11 and under the JCPenney banner.”
The transaction remains subject to additional closing conditions and is expected to close late this month.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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