J.C. Penney Co. Inc. said yesterday that it has entered an asset purchase agreement with Brookfield Asset Management Inc., Simon Property Group and a majority of the company's first lien lenders, Reuters reported. The iconic 118-year-old retailer had filed for bankruptcy in a Texas court in May after the COVID-19 pandemic forced it to temporarily close its then nearly 850 stores. The company said it expects to operate outside chapter 11 before the holiday season. Under the agreement, Brookfield and Simon, which are the retailer’s two biggest landlords, will buy substantially all of J.C. Penney’s retail and operating assets through a combination of cash and new term loan debt.
