J.C. Penney will begin going-out-of-business sales at certain stores within weeks, an attorney for the company said today.
Facing excessive debt, years of declining sales and the pandemic closures, J.C. Penney filed for Chapter 11 bankruptcy protection on May 15.
The company is hoping to shed debt and split into two entities: an operating business and a real estate investment trust. If that plan doesn't work, the company may agree to sell itself. Although the retailer hopes to stay in business, liquidation of the entire chain remains a possibility. To boost its finances in the short term, J.C. Penney last week asked all of its landlords to not charge rent for June, July and August while the company tries to get back on its feet, Sussberg said.
Judge David Jones, who has urged J.C. Penney to move swiftly in a bid to preserve as many jobs as possible, said Thursday that he was"really comforted by the different" efforts the company is making.
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