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Sale of JCPenney Approved

A bankruptcy court approved the sale late Monday




JCPenney (Plano, Texas) will be exiting bankruptcy in the near future now that the sale of the retailer to Simon Property Group (Indianapolis) and Brookfield Property Group (Hamilton, Bermuda) has been approved in bankruptcy court, The Dallas Morning News reports.

The department store retailer is set to exit bankruptcy this month, its reorganization should clear more than $3 billion in debt. Afterward, it will have 600 locations and employ roughly 60,000 people. (Prior to bankruptcy, JCPenney employed about 85,000 workers.)

In a prepared statement to the court, JCPenney CEO Jill Soltau lauded the company’s associates, “whose hard work and persistent dedication to serving our customers are important reasons JCPenney has reached this significant milestone.” 

JCPenney filed for bankruptcy May 15, 2020.



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