It’s official now!
JCPenney, the renowned American fashion retailer, has announced the official completion of its sale to Simon Property Group and Brookfield Asset Management Inc., besides debtor-in-possession and first lien lenders.
Also Read: JCPenney finally wins court approval to sell itself to Simon and Brookfield
With the sale officially complete, JCPenney is now split into two groups. While the first, controlled by Simon and Brookfield, will be an operating firm, the second will be a property holding company owned by lenders.
JCPenney, under new owner, now has access to around US $ 1.5 billion in new financing that will offer the company the flexibility to see if revamping the business would bring profitability.
The retailer will also be now able to keep around 600 of its stores open.
Expressing pleasure to have preserved the JCPenney banner and to have saved several jobs, David Simon, President and CEO, Simon Property Group, said JCPenney is now ready for the future with a continual focus on innovation and consumers.
The second innings has begun for JCPenney and it is now geared up to face and perform in the ongoing holiday season that’s been shaky owing to the resurgence of the pandemic.
Bharat Tex Special Report 2026 
