J.C. Penney Rushes to Finalize Sale to Lender, Landlord Group

(Bloomberg) — J.C. Penney Co. has formalized a planned sale to its bankruptcy lenders and biggest landlords, but must first finalize a staggering lease agreement in less than a week to close the deal.



a large brick building with a sign in front of a house: A closed JC Penney Co. store stands in Mt. Juliet, Tennessee, U.S., on Thursday, April 16, 2020. J.C. Penney is skipping an interest payment, putting the struggling retailer on the path toward a potential default on its debt.


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A closed JC Penney Co. store stands in Mt. Juliet, Tennessee, U.S., on Thursday, April 16, 2020. J.C. Penney is skipping an interest payment, putting the struggling retailer on the path toward a potential default on its debt.

The retailer on Tuesday filed a draft purchase agreement detailing a plan to sell itself to mall owners Simon Property Group Inc., Brookfield Property Partners and its senior lenders. But the parties have until Monday to finalize a master lease agreement between the mall landlords and the lenders who will own most of the retailer’s real estate, Josh Sussberg of Kirkland & Ellis said in a court hearing on behalf of J.C. Penney.

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