Lately, there are lots of developments happening at JCPenney!
While JCPenney is slowly heading towards selling its retail operations to Simon Property Group and Brookfield Property Partners, another group of lenders led by Aurelius Capital Management is challenging the deal calling it unfair.
Also Read: US Bankruptcy Judge calls Aurelius Group to submit rival bid to buy JCPenney
And now amidst all this, JCPenney has announced the closure of around 144 stores that were announced to be shut down back in summer.
This is being seen as a part of retailer’s revamping process, according to the documents submitted in the court.
Reducing the number of stores is on the top of retailer’s priorities as it struggles to come out of Chapter 11.
Though it still remains unclear whether Simon and Brookfield see any profit in the ailing retailer or these are just efforts to save their dying malls, yet many agree that the century-old retailer runs the household of tens of thousands of people – and therefore the retailer has to be saved.
The deal is yet to be approved and signed but now that Aurelius Group has also challenged the deal, the court earlier this week asked the creditors to submit a rival bid at the earliest.
Notably, with the closure of these 144 stores, the total closure count for the retailer in 2020 has risen to more than 300.
