Find in the news:
BY COUNTRY

Mall owners want to save J.C. Penney from bankruptcy



A network of department stores with a century-long history has a chance of avoiding bankruptcy and surviving a pandemic.
J.C. Penney Wikimedia

As it became known during the bankruptcy hearings of the American chain of department stores J.C. Penney, the company concluded a preliminary deal to sell its business. Buyers will be the largest landlords of department stores, owners of shopping centers Simon Property Group Inc. and Brookfield Property Partners LP, and some other landlords. 

Such a step was expected by many market experts, who say it is shopping centers that are most interested in keeping J.C. Penney afloat. Even large malls are experiencing an outflow of retail brands due to the pandemic's consequences. The closure of department stores may be the last thing on their minds.

Thus, the networks' financial situation, which is already quite precarious, has been further aggravated by the pandemic and the possibility of avoiding liquidation. According to preliminary data, the deal's amount, which the parties agreed on, will be $800 million. At the same time, we are talking about the transfer of debt obligations of J.C. Penney to buyers in the amount of about $500 million and investments of $300 million. 

Under Chapter 11 of the U.S. Bankruptcy Code, J.C. Penney applied for bankruptcy back in May 2020. And suppose the courts approve the transaction. In that case, the company will avoid closing hundreds of department stores in shopping centers and other locations across the country. It plans to preserve about 600 department stores, while more than 200 locations will still be closed.
 

More about shopping malls in the USA



Dec 25, 2023, United Kingdom:
Nestled in the historic heart of London and renowned for its Georgian-era architectural splendor.
Dec 25, 2023, USA:
The company emphasized that cost-cutting is a pivotal focus for its future endeavors.
Dec 22, 2023, United Kingdom:
The sports giant has joined a long list of international brands that will open their store doors at Trinity Leeds shopping center.
Dec 22, 2023, Austria:
The brand will present at iconic locations such as Cortina d'Ampezzo in Italy, Zermatt in Switzerland, and Hochzillertal-Kaltenbach in Austria.
Dec 21, 2023, USA:
Italian fashion house has sealed a deal to acquire the building housing its flagship store.
Dec 21, 2023, Mexico:
Luxury French fashion house Zadig & Voltaire has unveiled its boutique in Mexico City.
Friend
and Follow
212 Istanbul Power Outlet GLA:753 474 SF
ADDRESS: Mahmutbey Merkez Mah. Taşocağı Cad. No:5 Bağcılar  /  İstanbul
Turkey . Istanbul
212 Istanbul Power Outlet
Forum Istanbul GLA:1 883 684 SF
ADDRESS: Kocatepe Mahallesi, Pasa Caddesi 34045 Bayrampasa
Turkey . Istanbul
Forum Istanbul
Mall of Scandinavia GLA:1 087 155 SF
ADDRESS: Evenemangsgatan 11 169 56 Solna
Sweden . Stockholm
Mall of Scandinavia
Arkadia GLA:1 184 030 SF
ADDRESS: Aleja Jana Pawla II 82, 00-175
Poland . Warsaw
Arkadia


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us