Brookfield Asset Management, Simon Property Group and majority of the first lien lenders to acquire JCPenney for $1.75bn.

Brookfield Asset Management, Simon Property Group and majority of the first lien lenders agreed to acquire JCPenney, an operator of department stores in the United States and Puerto Rico, for $1.75bn. “Signing a definitive APA with Brookfield, Simon and our Majority First Lien Lenders allows us to move forward towards the completion of our financial restructuring – and we are looking forward to operating under new ownership outside Chapter 11 in advance of the 2020 holiday season. This transaction is a testament to the thousands of dedicated employees who have been working incredibly hard over the last several months under difficult circumstances. Our customers are at the heart of JCPenney and we look forward to serving them under the JCPenney banner for decades to come. Our team remains laser focused on implementing our Plan for Renewal to Offer Compelling Merchandise, Drive Traffic, Deliver an Engaging Experience, Fuel Growth and Build a Results-Minded Culture," Jill Soltau, JCPenney CEO. JCPenney received a deal approval in bankruptcy court on November 9, 2020.