(AP) – J.C. Penney is on course to emerge from bankruptcy by Thanksgiving after a U.S. bankruptcy court approved the sale of the ailing retailer to two of the nation’s largest landlords and its primary lenders.
Under the deal announced earlier this fall, substantially all of J.C. Penney’s retail and operating assets will be acquired by Brookfield Asset Management and Simon Property Group. With no other valid offers in sight, Penney’s fate was hanging by the wire.
Penney’s financing agreement expires on Nov. 16 and the sale had to close by Nov. 20 to avoid going out of business. Still, Penney faces an uphill challenge of attracting shoppers this holiday season.