Empire Mall owner partnering to buy J.C. Penney

Sept. 10, 2020

Simon Property Group, which owns The Empire Mall, is partnering with another mall owner to buy J.C. Penney Co.

J.C. Penney, which filed for bankruptcy earlier this year, announced it has reached an agreement in principle to sell the department store chain through a court-supervised process to Simon and Brookfield Property Group.

Brookfield and Simon plan to acquire all of JCPenney’s retail and operating assets for $1.75 billion and form a separate real estate investment trust and property holding company.

“We have determined that an agreement with Brookfield and Simon, as well as the formation of separate real estate investment trusts owned by our first lien lenders, is the best path forward to maximize value for our stakeholders, ensure we keep the most stores open and associates employed, and position JCPenney to build on our over 100-year history,” J.C. Penney CEO Jill Soltau said in a statement.

“The interest in our operations reflects our company’s strength and our loyal customer base. It is a testament to the hard work and dedication of our talented associates and the progress we have made in implementing our plan for renewal to offer compelling merchandise, drive traffic, deliver an engaging experience, fuel growth and build a results-minded culture.”

The company said it anticipates emerging from bankruptcy, completing the auction and operating under the JCPenney banner in advance of the 2020 holiday season.

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Empire Mall owner partnering to buy J.C. Penney

Simon Property Group, which owns The Empire Mall, is partnering with another mall owner to buy J.C. Penney Co.

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