American fashion brand JCPenney is keen to move towards closing its sale before the holiday season begins.
To make this happen fast, the retailer is mediating with Simon Property Group Inc., Brookfield Property Partners LP as well as group of lenders.
A filing made on Thursday (15 October) with US bankruptcy court for the Southern District of Texas showed that the ailing retailer and mall bigwigs were engaged in close discussions with Judge Marvin Isgur.
Both the parties are putting efforts to work out issues pertaining to working capital and some closing adjustments.
Additionally, the two are mediating on some chief elements of the master lease agreement.
Meanwhile, the judge has said that significant progress is being made in the negotiations.
Reportedly, there will be a hearing next week to reviews the terms and conditions of the deal following which a sale hearing is scheduled to be held on 2 November 2020.
JCPenney is keen to get everything worked out in early November as it is focused on maximising the value of the mall biggies through a going concern reorganisation.
The struggling retailer is hoping to conclude the deal before the upcoming holiday season.
And for some reason if this doesn’t happen in November, then JCPenney’s creditors could be burdened with unpaid debt arising from huge holiday inventory orders.
Let’s wait and watch what happens next!