Paul Hennessy J.C.Penney New York state Texas covid-19 pandemic infection Paul Hennessy J.C.Penney New York state Texas

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

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A JC Penney store (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images) NEW YORK - J.C. Penney is on course to emerge from bankruptcy by Thanksgiving, after a U.S.

bankruptcy court approved the sale of the ailing 118-year-old retailer to its two largest landlords and its primary lenders.The U.S.

Bankruptcy Court for the Southern District of Texas approved a purchase agreement, announced earlier this fall, that has substantially all of J.C.

Penney’s retail and operating assets acquired by Brookfield Asset Management Inc. and Simon Property Group through a combination of cash and new term loan debt.

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