Mall Owners Reach Deal To Buy J.C. Penney Out Of Bankruptcy

It looks like J.C. Penney will stay open. The retailer has reached a deal to sell itself to a group of mall owners and lenders. This will save more than 600 stores from liquidation after the chain filed for Chapter 11 bankruptcy in May. It had been struggling in recent years due a drop in sales, only made worse by the pandemic. If the deal goes through, the new owners will take on about 500-million-dollars in debt.