JC Penney Rescued From Bankruptcy JC Penney is getting a last-minute buyer who will pull the beleaguered retail chain out of bankruptcy. The company 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. When’s the last time you shopped at a JC Penney? Will this purchase turn things around, or is brick-and-mortar retail doomed?