Bankruptcy Court Approves Sale of JCPenney to Mall Owners

By Sheridan Fifer

A bankruptcy court has given its approval for the sale of JCPenney to mall owners Simon Property Group and Brookfield Asset Management. The completion of the deal should take place in late November, just in time for the holiday season. JCPenney's comeback plan after exiting Chapter 11 bankruptcy will focus on offering merchandise that excites shoppers, creating a positive customer experience, and building a "results-minded culture."

“Our goal from the beginning of this process has been to ensure JCPenney will continue to serve customers for decades to come, and this court approval accomplishes that objective,” CEO Jill Soltau said in a statement.

Read the full story at Footwear News.