U.S. bankruptcy court approves sale of J.C. Penney

J.C. Penney's two largest landlords and its primary lenders have been approved to buy the 118-year-old retailer out of bankruptcy. The deal could close by Thanksgiving, sources say.

Brookfield Asset Management Inc. and Simon Property Group have offered a combination of cash and new term loan debt. The move would kickstart J.C. Penney's bankruptcy reorganization plan that also calls for closing nearly a third of its stores in the next two years.

J.C. Penney filed for Chapter 11 bankruptcy in May, one of over two dozen retailers to do so during the pandemic.

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