JCPenney's Lenders Are Putting Together Their Own Bid as Negotiations Stall

By Sheridan Fifer

Negotiations with the three bidders interested in buying JCPenney have reached a stalemate. According to Joshua Sussberg, an attorney for the bankrupt department store chain, the negotiations were progressing well up until less than a week ago. But discussions have stalled, and JCPenney's top lenders say that they are putting together their own bid. It is still possible that one of the three bidders will return to the negotiating table, but the lenders are no longer willing to wait on a deal. Sussberg cited the vendor base and the 70,000 jobs that JCPenney supports and said that the delays are damaging the business. 

In an order on August 19th, Judge David Jones urged all parties to push egos aside and complete negotiations as quickly as possible.

Read the full story at Business Insider.