indeed JCPenney is a major player in the sector
JCPenney Gift Cards Some of JCPenney’s stores and distribution centers will be taken over by the hedge funds and private-equity firms that financed the company through bankruptcy according to CNBC in exchange for forgiving some of the $5 billion in debt.JCPenney originally planned to close more than 165 stores after filing for bankruptcy in May amid the coronavirus pandemic. Select locations throughout the U.S. began closing June 12
Buy JCPenney Gift CardsJCPenney has entered into a sales agreement for its retail activities with two covered shopping centre operators: Simon Property Group and Brookfield Property Partners. They are paying 300 million dollars (250 million euros) in cash and 500 million dollars (420 million euros) in debt and plan to consolidate the retailer's real estate into a separate company.
This takeover avoids a dramatic bankruptcy: indeed JCPenney is a major player in the sector: 12 billion dollars (10 billion euros) in turnover 850 stores and 85,000 employees of whom 70,000 will probably be able to keep their jobs. However this is not the main reason for Simon and Brookfield's takeover of the chain: they are mainly acting out of self-interest. JCPenney is a major tenant in their indoor shopping centres and a bankruptcy of the chain that would result in the closure of all the stores would be a major blow to real estate investors.