J.C. Penney Co Inc reached a tentative deal with landlords and lenders valued at $1.75 billion (1.35 billion pounds) to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said. Mall owners Simon Property Group Inc and Brookfield Property Partners LP have teamed up to acquire J.C. Penney’s retail operations and are putting the finishing touches on an agreement, Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing the company, said during a …read more
Source:: Yahoo Finance
