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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
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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.