Jun 17, 2020
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About this Deal
There are many speculations about the future of JCPenney. Most of my friends say it is a dead company while Simon Property Group, Brookfield Properties, Authentic Brands Group (ABG), and Sycamore Partners are all looking at it as a possible acquisition target. But there is a question whether the acquiors can breathe life back into the company.
Let’s look at the facts.
J.C.Penney filed for court protection under the bankruptcy law on May 15, 2020. The result is that, under the law, they can close many stores, reduce their operations and look to a brighter future. The company did announce the closing of 154 stores, many probably in unprofitable locations. There will be 696 stores in operation after those announced closures are completed. With the courts permission, many of the stores have reopened.