Plano, Texas — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano, Texas-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90% …
J. C. Penney
Plano, Texas — J.C. Penney Co. has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano, Texas-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in …
Plano, Texas — JCPenney will expand curbside pickup services to 50 additional locations across the U.S. JCPenney Style on the Go Curbside Pickup offers customers the option to quickly grab online orders without leaving their car. The expansion comes after a successful pilot, where customers responded positively to the speed and ease of the experience. “Style on the Go Curbside Pickup is all about our customers and how they want to shop. As we continue to put our customers at the heart of everything we do, we continue to create …
Plano, Texas — J. C. Penney Company, Inc. has hired Karl Walsh, an executive with more than 18 years of e-commerce expertise, as senior vice president, chief digital officer. Walsh will report to Shawn Gensch, executive vice president, chief customer officer. “We are thrilled to welcome Karl to JCPenney as we drive the renewal of our company and showcase our brand strategy through exceptional, seamless experiences for our customers,” says Gensch. “Nearly 90% of shoppers begin their path to purchase online, so Karl’s background of building and executing digital strategies …
Plano, Texas — JCPenney recently unveiled its brand-new store, a completely reimagined format just outside of Dallas in Hurst, Texas, that represents the company’s strategy to put the customer at the center of its business. As a brand-defining store, it is experiential at its core, and a direct result of what today’s shoppers want from a retailer. The store is built around data and insights learned from more than a year of extensive customer research. “Our customers are at the heart of everything we do,” says JCPenney’s chief executive officer, …