At a hearing Monday in Texas bankruptcy court, where the retailer filed for Chapter 11 in May, an attorney for Penney’s told the court that its talks with three reported third-party bidders had stalled. WWD previously reported that those outside bidders included Hudson’s Bay Co., Sycamore Partners and a joint effort of Simon Property Group and Brookfield Property.
Throughout the proceedings, the retailer has outlined the reorganization it plans to execute through the court-directed process. That reorganization, supported by Penney’s lenders, would involve establishing a structure comprising a property business and an operating company, or a Prop Co./Op Co. structure, as the company’s advisers have described it in court filings and hearings.
The retailer is continuing to finalize the transaction with its lenders, and hopes to do so over the next 10 days, Sussberg told the court. After that point, the lender group would become the stalking-horse bid at an auction for Penney’s. In the meantime, the retailer would still continue to negotiate with interested third-party bidders who want to enter the fold.
“That concern has escalated due to the lack of progress in the sale process,” Jones wrote in an Aug. 19 order. “Thousands of jobs and the very essence of the country’s infrastructure are at risk. The parties have reached the end of the court’s patience. Negotiating postures and egos will be put aside.”
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