Retail: Mall owners take over JC Penney stores

JC Penney was rescued from bankruptcy proceedings this week, saving approximately 60,000 jobs, said Alistair Gray in the Financial Times. A Texas court approved the sale of the troubled department store chain to America’s biggest mall operator, Simon Property Group, and Brookfield Asset Management for $1.75 billion. JC Penney’s “lenders are expected to take control” of 160 real estate assets, including stores and distribution centers, not included in the deal. Simon has recently “bought interests in other failed chains, including Forever 21, Brooks Brothers, and Lucky Brands,” as it tries to keep stores open at its malls.