Simon Property and Brookfield Property, which are also the retailer's two biggest landlords, missed several deal deadlines as communication between the parties lapsed, according to the report.
The two sides may turn to mediation to help them determine if they can complete the deal, and on what terms, Bloomberg reported.
Creditors say J.C. Penney's original sale plan called for the deal to close around Oct. 3, Bloomberg reported, citing a regulatory filing.
J.C. Penney declined to comment, while the two mall owners did not immediately respond to Reuters' requests for comment.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Anil D'Silva)