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…