J.C. Penney saved by Simon and Brookfield

J.C. Penney is saved. The retailer will be acquired by mall operators Simon Property Group and Brookfield Property Partners, avoiding liquidation. Simon and Brookfield will pay about $300 million in cash and assume $500 million in debt to buy J.C. Penney, according to the New York Times. Some of the stores and distribution facilities will be divided into two property companies. The deal values the department store chain at $1.75 billion. “We are in a

source https://therealdeal.com/2020/09/09/j-c-penney-saved-by-simon-and-brookfield/