JCPenney (Plano, Texas) is going forward with a sale that may be completed by this fall, according to the department store’s attorney Joshua Sussberg of Kirkland & Ellis, reports CNBC. The attorney revealed this information during a court hearing Wednesday afternoon.
There are reportedly three bidders being considered, and the attorney reiterated that a liquidation is “not in the cards.”
According to CNBC, Sussberg said about the restructuring, “I want to say, unequivocally, we have had not one discussion about a liquidation … it’s simply not in the cards.”
JCPenney filed for Chapter 11 bankruptcy protection May 15.