J.C. Penney Plods On In Talks Toward Sale Deal

J.C. Penney said it is still working toward a deal on a going concern sale. The retailer’s advisers told a Texas bankruptcy court on Wednesday that constructive negotiations are still ongoing, and that the company believes it is close to an agreement. ” data-reactid=”19″>J.C. Penney said it is still working toward a deal on a going concern sale. The retailer’s advisers told a Texas bankruptcy court on Wednesday that constructive negotiations are still ongoing, and that the company believes it is close to an agreement. 

highlighted its plans to execute a swift going-concern sale as part of its efforts to reorganize into a property company and an operating one. ” data-reactid=”20″>The retailer, which entered into Chapter 11 in May, has in recent weeks highlighted its plans to execute a swift going-concern sale as part of its efforts to reorganize into a property company and an operating one. 

J.C. Penney’s attorney Joshua Sussberg of Kirkland & Ellis LLP has told the court that the company has received multiple bids so far, including from first lien lenders who had submitted a bid for the so-called Prop Co. and Op Co., as well as three additional ones for the operating company, which would comprise retail operations, some real estate, inventory and intellectual property.” data-reactid=”28″>J.C. Penney’s attorney Joshua Sussberg of Kirkland & Ellis LLP has told the court that the company has received multiple bids so far, including from first lien lenders who had submitted a bid for the so-called Prop Co. and Op Co., as well as three additional ones for the operating company, which would comprise retail operations, some real estate, inventory and intellectual property.

it is planning to close some 152 locations, has signaled plans to sell the leases on 142 stores that it is in the process of closing. Store closing sales have been ongoing, and the auctions on the leases to be sold are scheduled for Sept. 14 and Sept 15.   ” data-reactid=”30″>On Wednesday, the retailer also obtained the court’s approval for auction procedures on the sale of several dozen leases on stores that it plans to shut down. Penney’s, which said in June that it is planning to close some 152 locations, has signaled plans to sell the leases on 142 stores that it is in the process of closing. Store closing sales have been ongoing, and the auctions on the leases to be sold are scheduled for Sept. 14 and Sept 15.   

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