J.C. Penney Plans To Exit Chapter 11 Bankruptcy By Holiday Season

LAKEWOOD – J.C. Penney is making progress with its financial woes.

CEO Jill Soltau says the retailer hopes to break out of Chapter 11 Bankruptcy before the 2020 holiday season.

The company has filed a draft asset purchase agreement, which breaks down the terms of the previously announced letter of intent to sell the company.

Brook, Simon, and first lien lenders are all working toward finalizing negotiations.

J.C. Penney is among the many retailers who have been struggling since the start of the COVID-19 pandemic.

This year the retailer closed hundreds of stores nationwide. So far the Chautauqua Mall location in Lakewood has been spared from the closures.