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J.C. Penney Lenders Plan Takeover After Sales Talks Stall

  • ‘We’ve hit a stalemate,’ attorney says in court hearing Monday
  • Company advisers had said retailer had robust bidder interest
    
Photographer: Martina Albertazzi/Bloomberg
Updated on

J.C. Penney Co.’s lenders are preparing to take ownership of the retailer as talks with potential outside buyers reach an impasse, an attorney for the company said in a bankruptcy court hearing Monday.

“We’ve hit a stalemate,” the attorney, Joshua Sussberg of Kirkland & Ellis LLP, said in the hearing. “Our lenders will no longer be held hostage” by outside bidders, he said.