Mall Owners May Save Major Retailer From Bankruptcy
My Mom took us there for all our back to school clothes. This huge retailer is getting a last-minute buyer who will pull the beleaguered retail chain out of bankruptcy….
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My Mom took us there for all our back to school clothes.
This huge retailer is getting a last-minute buyer who will pull the beleaguered retail chain out of bankruptcy. JC Penney is negotiating with mall owners Simon Property Group and Brookfield Property Partners to purchase the chain, a move that could save as many as 70,000 jobs.
JC Penney filed for Chapter 11 bankruptcy back in May, with plans to close about one-third of its 846 stores. More than 40 retailers have filed for bankruptcy since the pandemic began.
Do you think this purchase will turn things around, or is brick-and-mortar retail doomed? Anybody else remember getting they're back to school clothes at JC Penney?
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