Retail

JC Penney liquidation ‘not in the cards,’ retailer moves toward a sale

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A J.C. Penney store in Laguna Hills, California

Scott Mlyn | CNBC

For bankrupted J.C. Penney, a liquidation is “not in the cards,” according to the department store chain’s attorney. 

Penney is moving forward with a sale that should be completed by this fall, attorney Joshua Sussberg of Kirkland & Ellis said during a court hearing Wednesday afternoon. 

“I want to say, unequivocally, we have had not one discussion about a liquidation,” Sussberg said about Penney’s restructuring process. “It’s simply not in the cards.” 

Sussberg called attention to a report earlier in the week from the New York Post that said the private-equity firm Sycamore was planning to make a $1.75 billion bid to…



Source cnbc.com

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