Simon Property, Brookfield, and Authentic Brands are said to be discussing a possible acquisition of J.C. Penney, which recently filed for Chapter 11.
“J.C. Penney, which filed for Chapter 11 protection in May, has been racing to firm up a business plan by a July 14 deadline, after which the company risks running out of cash to finance its reorganization and emerge from bankruptcy court.”
- Bloomberg
The landlords may be acquiring the department store chain to avoid the loss of one of their most popular tenants.