J.C. Penney finally closed the deal with Mall owners Simon Property Group and Brookfield Property Partners

The retailing store chain of J.C. Penney was kind of on the verge of bankruptcy. Recently, the news has arisen that the Mall owners of Simon Property Group and Brookfield Property Partners are all set to buy the retailing chain. If if they are successful in buying J.C. Penney then the retailing change will be out of bankruptcy and it will keep running. The lawyers of J.C. Penney have issued the statement about the same. The lawyer, Josh Sussberg has announced the partnership and said that it will save around 70000 jobs. The deal will also avoid the liquidation of J.C. Penney. All of the revelations were made on Wednesday during the bankruptcy court hearing of the retailing chain.

According to the lawyer, the enterprise value of J.C. Penney is $1.75 billion. This enterprise value also includes $300 million in cash from the two landlords and $500 million in new debt. More of the details about the deal will be filled with the bankruptcy code the next day of the hearing. After the deal will be finalized by the companies it is calculated that J.C. Penney will have around 1 billion dollars in cash as the capital. As per the words of the lawyer, it was quite evident that each and everyone related to the store is working very hard to save the job opportunities which will be lost if the store is declared bankrupt.

J.C. Penney filed for bankruptcy in the middle of the month of May. The main reason for the bankruptcy was the lockdown restrictions that were imposed during the hike in the coronavirus cases. It was one of the biggest retailing stores to take this step. With the view of getting bankrupt, the authorities of the store said that they can close around 846 stores in the next two years. The coronavirus is proven to be very fatal for all of the retailers in the world. Around 40 retailers filed for bankruptcy this year.