J.C. Penney has filed for bankruptcy and is closing their doors after being around for almost 120 years. So why does it hurt to see them go? USA TODAY
J.C. Penney is looking to go forward with a sale of the business to avoid a brush with liquidation.
The retailer’s attorney, Joshua SussbergofKirkland& Ellis, saidduring a bankruptcy court hearing Wednesdaythat the sale should be completed by the fall under an expedited process and rebuffed rumors of a liquidation of the entire chain.
“We have had not one discussion with our lenders or any other stakeholders about a liquidation. That is simply not in the cards,” Sussberg said.
The retailer filed for Chapter 11 bankruptcy in mid-May with846 stores and 85,000employ…
Read the full article at: https://www.usatoday.com/story/money/2020/07/29/jcpenney-store-closings-2020-chapter-11-bankruptcy/5536947002/
