The survival of J.C. Penney Co Inc hangs on whether the department store chain can reach a complex deal within days to sell itself to an alliance of retail mavens and distressed-debt investors. The 118-year-old retailer blew through a Friday deadline from lenders to sort through bids that would take the company out of bankruptcy proceedings that were commenced in May after the pandemic forced it to temporarily close all its 846 stores. The Plano, Texas-based company, already facing concerns from U.S. Bankruptcy Judge David Jones that its restructuring is not moving fast enough, is racing to …read more
Source:: Yahoo Finance
