NEW YORK : Non-public equity agency Sycamore Associates is in preliminary talks to obtain J.C. Penney Co Inc out of personal bankruptcy ought to the U.S. section keep chain’s negotiations with its lenders are unsuccessful, a few persons acquainted with the make a difference explained on Friday.
J.C. Penney, which employs approximately eighty five,000 persons, filed for personal bankruptcy security in May following the coronavirus pandemic compelled it to briefly near its additional than 800 suppliers across the United States, compounding money woes that stemmed from several years of dwindling income.
Sycamore is weighing acquiring J.C. Penney outright or earning an financial investment in the troubled retailer, the sources explained.
There is no certainty that the talks in between Sycamore and J.C. Penney will consequence in a deal, which would demand a personal bankruptcy judge’s acceptance, the sources explained.
J.C. Penney is also