JCPenney filed for bankruptcy in May

JCPenney Gift Cards The problems at JCPenney started long before the Covid-19 pandemic. A plan to get the company out of bankruptcy won’t end them.

U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800 million deal that would buy the struggling retailer out of bankruptcy according to a report by CNBC. The deal would save about 70,000 jobs along with 650 JCPenney stores from liquidating and shuttering the report said.

“We’ve hit a stalemate” in negotiations with several outside bidders Penney’s bankruptcy lawyer Joshua Sussberg said Monday during a hearing in U.S. Bankruptcy Court in Corpus Christi Texas. The company instead will pursue a bankruptcy sale to top lenders including H/2 Capital Partners LLCCheap JCPenney Gift Cards that would hand them equity in exchange for their debt claims Sussberg said.

The 118-year old retailer which filed for bankruptcy in May announced an agreement last week to sell its retail operations to Brookfield Property Group and Simon Property Group (SPG) two major mall operators that were among its biggest creditors. The company’s real estate holdings will be folded into a separate real estate investment trust which is to be owned by its lenders.

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