Content area
Full text
Mass merchant JCPenney says its no longer operating under the constraints of bankruptcy court protection.
The business was sold by bankrupt J.C. Penney Co. Inc. to its two major landlords, Simon Property Group and Brookfield Asset Management. The company already secured bankruptcy court approval on Nov. 9.
“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,” said David Simon, Simon’s chairman, president and CEO. “JCPenney is now poised for a future focused on innovation and consumers, while continuing to navigate through the pandemic. We are excited about JCPenney’s future growth and look forward to collaborating with the JCPenney team to serve its customers and communities.”
Brian Kingston, CEO of Real Estate at Brookfield, said the mall operator is “excited to help lead the turnaround of a storied institution while saving tens of thousands of jobs and continuing to serve over 35 million customers.”
The company’s Retail Revitalization Program was set up to make this kind of investment, Kingston added, and “along with our partner Simon we have a successful blueprint in place to deploy our collective operational expertise and industry relationships to transform JCPenney through new innovations and offerings.”
As part of the bankruptcy exit, JCPenney has access to about...