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JCPenney Survives Going Bankrupt; Now Comes the Hard Part
- Operations are taken over by mall owners Simon and Brookfield
- CEO Soltau has to tackle long-standing, pre-pandemic problems
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The JCPenney department store chain is back -- smaller but more solvent -- just in time for the holiday sales extravaganza and the worst of the coronavirus pandemic.
The chain completed its previously announced sale of the retail operations to Simon Property Group Inc. and Brookfield Asset Management Inc., according to a Monday statement. It’s the first step in a process that splits JCPenney into two parts, an operating company led by its mall landlords and a property company owned by its lenders.