J.C. Penny filed for Chapter 11 bankruptcy on May 15, 2020 in the United States Bankruptcy Court for the Southern District of Texas Case No. 20-20196.
The company plan s to close 242 stores thorough 2021.
Two mall operators, Simon Property Group and Brookfield Properties, LLC purchased J.C. Penny with Simon and Brookfield paying $300 million in cash and assuming $500 million in debt.