Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano, Texas-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is …
jill soltau
Brookfield Property Group, Simon Property Group Agree to Acquire JCPenney for $1.75 Billion
by Katie Lee
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% …
Plano, Texas — J. C. Penney Company, Inc. has begun implementing its store optimization strategy by identifying the first 154 stores to close. Following entry of an order at the June 11, 2020, hearing with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas, store closing sales will begin at 154 locations. The company expects additional phases of store closing sales will begin in the coming weeks. Additionally, the company intends to reduce its store footprint and focus resources on its strongest stores and e-commerce …
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 — J. C. Penney Company, Inc. will extend the temporary closure of its stores and business offices due to the coronavirus (COVID-19) pandemic. The company will continue to follow guidance from local, state and federal officials as it anticipates gradually reopening stores and offices in markets when it is safe to do so. As a result of its store closures, JCPenney plans to temporarily furlough the majority of store hourly associates, beginning April 2. During this time, the company will also require a smaller corporate workforce. Beginning April …
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, …
Plano, Texas — J. C. Penney Company, Inc. has hired James (Jim) DePaul, a highly accomplished field executive with nearly 25 years of retail experience, as executive vice president of stores, effective August 5, reporting directly to CEO Jill Soltau. He joins JCPenney from Shopko. DePaul, who will oversee the company’s stores, store operations, store environment and design and asset protection teams, will be responsible for improving in-store and omnichannel operations. Mike Robbins, executive vice president of stores and supply chain, will be leaving the organization on August 3, 2019. …
Plano, Texas — J. C. Penney Company, Inc. has named Shawn Gensch as executive vice president, chief customer officer, effective June 3, reporting directly to CEO Jill Soltau. He joins the company from Sprouts Farmers Market. “I am delighted to welcome Shawn to JCPenney. His appointment fills a vital component of our executive leadership team,” says Soltau. “His proven leadership in brand management, digital marketing, analytics, mobile applications and customer loyalty programs makes him the ideal candidate to join our team.” In this role, Gensch will oversee all aspects of …
Plano, Texas — J. C. Penney Company, Inc. has appointed several senior executives to its team of retail experts. Among those joining the organization is Steve Whaley, who has been named senior vice president, principal accounting officer and controller, reporting to Bill Wafford, executive vice president, chief financial officer, effective April 29. Whaley joins JCPenney with over 35 years of accounting and audit leadership experience. He will lead the company’s accounting operations and financial reporting functions, and will have oversight over the JCPenney finance and support services teams in Salt …
Plano, Texas — J. C. Penney Company, Inc. has named Bill Wafford, a highly accomplished retail executive with over 25 years of broad finance experience, as executive vice president, chief financial officer, effective April 8. He joins JCPenney from The Vitamin Shoppe. Reporting to CEO Jill Soltau, Wafford will be responsible for providing strategic leadership and driving operational excellence in addition to leading all aspects of the company’s finance and accounting operations. He succeeds Michael Fung, interim chief financial officer, who will remain with the company through the end of …
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