Two major mall owners plot rescue for JC Penney store chain

Pictured is the JC Penney store at the Prescott Gateway Mall. The 118-year-old department store chain filed for Chapter 11 bankruptcy protection in mid-May, one of the biggest retailers to do so since the pandemic. As part of its bankruptcy reorganization, Penney said it planned to permanently close nearly a third of its 846 stores in the next two years. That would leave it with just over 600 locations. Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy the department store chain out of bankruptcy which would keep the chain running. (Jesse Bertel/Courier file)

Pictured is the JC Penney store at the Prescott Gateway Mall. The 118-year-old department store chain filed for Chapter 11 bankruptcy protection in mid-May, one of the biggest retailers to do so since the pandemic. As part of its bankruptcy reorganization, Penney said it planned to permanently close nearly a third of its 846 stores in the next two years. That would leave it with just over 600 locations. Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy the department store chain out of bankruptcy which would keep the chain running. (Jesse Bertel/Courier file)

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