Retail

JC Penney lenders to make bid for department store in bankruptcy

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Talks to find a buyer for J.C. Penney have hit a “stalemate,” and time is running out to keep the department store chain alive, according to the company’s attorney. 

Discussions with three potential bidders, including the mall owners Simon Property Group and Brookfield, had been underway and could possibly keep hundreds of stores open for business. 

But to avoid a liquidation before time it up, Penney’s top lenders, including H/2 Capital Partners, are now set to make a credit bid to own the retailer as a stand-alone company, attorney Joshua Sussberg of Kirkland & Ellis said during a Monday bankruptcy court hearing. A Sept. 10 deadline has been set to reach an agreement. Sussberg…



Source cnbc.com

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