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Mall Landlords, Authentic Brands in Talks to Buy J.C. Penney

  • Simon, Brookfield could team with Authentic Brands on bid
  • Bankrupt retailer needs to firm up business plan by July 14
Vehicles sit parked outside of a J.C. Penney store in Culver City, California.

Vehicles sit parked outside of a J.C. Penney store in Culver City, California.

Photographer: Martina Albertazzi/Bloomberg
Updated on

The two largest mall landlords and Authentic Brands Group LLC are in talks to buy bankrupt department-store chain J.C. Penney Co., according to people familiar with the matter.

Authentic Brands may team up with Simon Property Group Inc. and Brookfield Property Partners LP to acquire the retailer as part of its court reorganization, said the people, who asked not to be identified because the talks are private. The discussions are still fluid and may ultimately end without a deal.