JC Penney emerged from Chapter 11 Bankruptcy on Dec. 7, 2020, just in time for the holiday season rush. The 118-year-old retailer filed for bankruptcy in May 2020, becoming one of the largest and most recognizable department stores to do so amid the wave of pandemic-related store closures.
JC Penney was rescued by mall operators Simon Property Inc. and Brookfield Asset Management Inc., which now own most of the operating assets of the company. JC Penny’s other creditors were willing to accept the store’s real estate holdings as repayment.
JC Penny’s bankruptcy restructuring provided the store a much needed lifeline. The company was able to slash its debt, and save an estimated 60,000 jobs.
However, the department store chain closed down more than 140 of its less profitable locat…