U.S. bankruptcy court approves sale of J.C. Penney

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NEW YORK — J.C. Penney is on course to emerge from bankruptcy by Thanksgiving – thanks to a new ownership agreement.

A U.S. bankruptcy court approved the sale of the ailing retailer to two of the nation’s largest landlords and its primary lenders. Under the deal announced earlier this fall, substantially all of J.C. Penney’s retail and operating assets will be acquired by Brookfield Asset Management and Simon Property Group.

With no other valid offers in sight, Penney’s fate was hanging by the wire.

(Previous article: JC Penney sees bankruptcy protection exit by Christmas)

Penney’s financing agreement expires on Nov. 16 and the sale had to close by Nov. 20 to avoid going out of business. Still, Penney faces an uphill challenge of attracting shoppers this holiday season.



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Editor is WebTech Group (WTG). WTG is a web hosting, design, SEO, press release distribution company and news agency located in St. Louis, Missouri. Site is owned and operate multiple news sites in the region. Our objective with STLNewsMissouri.com is to offer readers a one-stop news site for Missouri news. We aggregate news from news media across the state. We do not aggregate news from all sources. We pick from those that offer RSS feeds and pick the best with eliminating those that might produce the same news stories, written differently.
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