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JC PENNEY CO ANNOUNCES ITS EXIT OF RETAIL AND OPERATING ASSETS FROM CHAPTER 11 AFTER SIMON AND BROOKFIELD DECIDE TO ACQUIRE THESE ASSETS.

By Pavankumar on Dec 10, 2020 | 04:30 AM IST

J.C. Penney Co Inc announced that its retail and operating assets would exit Chapter 11, as reported by Reuters on Monday, December 7, 2020. This decision is taken as a result of two of Penney Co’s biggest landlords, Simon Property Group and Brookfield Asset Management Inc acquiring almost all of its retail and operating assets.