An attorney for J.C. Penney told a bankruptcy judge Wednesday that the company is going forward with a sale of its business and expects the deal to be completed by the fall.
The potential sale comes as Plano, Texas-based Penney is looking at three bidders, which the company hasn't named.
During an address in bankruptcy court, Joshua Sussberg, an attorney at Kirkland & Ellis, lambasted an article published earlier this week by The New York Post that reported a $1.75 billion bid from Sycamore Partners to buy Penney and merge with another struggling chain Belk Inc.
He called the report "ill-informed."
The 118-year-old company filed for Chapter 11 bankruptcy in mid-May, marking the biggest retailer to buckle under the financial fallout from the coronavirus.