J.C. Penney (Plano, Texas) has reached a tentative deal to sell its business and stores to Simon Property Group (Indianapolis), Brookfield Property Partners (New York) and a group of bankruptcy lenders, reports USA Today. Separately the retailer will liquidate 242 locations.
The plan is "the best path forward to maximize value for our stakeholders, ensure we keep the most stores open and associates employed, and position JCPenney to build on our over 100-year history,” said J.C. Penney CEO Jill Soltau in a statement.
The sale is expected to save 600 stores and more than 70,000 jobs. The enterprise value of the deal is reportedly $1.75 billion.