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.