JC Penny will live another day. Two investment firms, Simon Property Group and Brookfield Property Partners have agreed to buy the department store chain for $1.75 billion.
The deal was announced in bankruptcy court since JC Penny had to file for Chapter 11 in May. Both purchasing companies are the two largest mall owners in the US and already landlords to many JC Penny stores.
JC Penny is one of the country’s oldest department stores, started by a man named James Cash Penney in 1902. I mean, with a founder named Cash Penney, you wouldn’t think bankruptcy would be a problem, but times have changed.