
Simon, Brookfield Close to Buying JC Penney Out of Bankruptcy
Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running.
Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running.
J.C. Penney said Thursday that it will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint.
U.S. retail sales tumbled by a record 16.4 percent from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the country and further weighed down a sinking economy.