J.C. Penney is on course to emerge from bankruptcy by Thanksgiving, after a U.S. bankruptcy court approved the sale of the ailing 118-year-old retailer to its two largest landlords and its primary lenders.
Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running.
J.C. Penney said Thursday that it will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint.
Bankrupt mall anchor J.C. Penney plans to ask its landlords for free rent.
U.S. retail sales tumbled by a record 16.4 percent from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the country and further weighed down a sinking economy.
Single-family homes are on the way out and commercial space could be in the mix at Great Pond Village, in a developer’s latest vision for a massive planned community in Windsor.
A Massachusetts developer has acquired a warehouse and distribution center in Manchester for $70 million, bringing its Connecticut industrial portfolio to more than 4 million square feet.
