JC Penney

J.C. Penney Lawyer Says Chain Is Going Forward With Sale

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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.

Copyright Associated Press
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