J.C. Penney said Monday that it has officially completed its sale to mall landlords Simon and Brookfield, allowing it to exit Chapter 11.
“Today is an exciting day for our company, as we have accomplished our goal of putting J.C. Penney on a secure path for the future as a private company so that we can continue to serve our loyal customers,” Jill Soltau, chief executive officer of Penney said in a statement.
The sale, which was approved by U.S. Bankruptcy Judge David Jones on Nov. 9, means that Penney’s operating company has exited Chapter 11 with 690 stores open under the J.C. Penney banner.
Source: Dallas News
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