JCPenney's Lenders Push for Higher Bids

By Sheridan Fifer

JCPenney's lenders are seeking higher bids for the bankrupt retailer, according to a report from Bloomberg. The current bids for JCPenney come in at about $1.8 billion, short of the $2.2 billion the bankrupt retailer currently owes its lenders. The top bidders are private-equity firm Sycamore, Hudson's Bay Company, and the mall operators Simon Property Group and Brookfield Property Partners, which have made a joint bid. According to the Bloomberg report, if the bidders don't make an offer the lenders can accept, the lenders themselves could acquire JCPenney in a credit bid. 

The report said a bid that saves jobs could be preferable to one that would result in mass layoffs and store closures even if the offer isn’t the most valuable proposal.

Read the full story at CNBC.