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Article Date: October 2020
Word Count: 332

JCPenney Closes More Stores as New Suitor Appears

The beleaguered retailer has confirmed a new slate of store closures as it navigates increasingly murky waters of bankruptcy proceedings, and its deal to be acquired by mall owners faces a new challenge. The chain’s lawyers revealed in Oct. 8 court documents it is on the verge of closing 144 stores across the country, making good on the first round of the 242 closures outlined in its May Chapter 11 filing. Meanwhile, a group of minority debt holders, led by Aurelius Capital Management, added a wrinkle to last month’s agreement for a potential sale, by challenging part of the deal ... Log in to view full article.


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