J.C. Penney Looks to Exit Bankruptcy Before the Holidays

J.C. Penney (OTC: JCPN.Q) says it's continuing to make progress on its planned deal to sell itself to Simon Property Group (NYSE: SPG) and Brookfield Property Group (NASDAQ: BPY), and if the courts approve its sale, the retailer should exit bankruptcy before the holiday season.

The mall operators are seeking to purchase the department store chain for $800 million, which would salvage some 650 stores and 70,000 jobs.

Image source: J.C. Penney.

Continue reading

Source Fool.com