JC Penney has been racing to wrap up the planned two-part sale of its assets as the crucial holiday season approaches. The retailer has said the deal will save more than 60,000 jobs.
The lender group would then sell the retail operations to mall landlords Simon Property Group and Brookfield Property Partners. Such a delay could upend chief executive officer Jill Soltau's plans to have JC Penney out of bankruptcy ahead of the crucial December 2020 holiday season. Joshua Sussberg, JC Penney's bankruptcy lawyer, has said a speedy sale is essential, warning that"otherwise-viable retail enterprises too often fail to emerge from Chapter 11 cases as a result of delay".
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