Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  J. C. Penney Company, Inc.    JCPNQ

J. C. PENNEY COMPANY, INC.

(JCPNQ)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Landlords Strike Deal to Acquire Bankrupt J.C. Penney

share with twitter share with LinkedIn share with facebook
09/09/2020 | 03:54pm EDT

By Suzanne Kapner, Alexander Gladstone and Miriam Gottfried

Mall owners Simon Property Group Inc. and Brookfield Property Partners LP are poised to acquire J.C. Penney Co. out of bankruptcy in a deal valued at roughly $800 million that will keep the beleaguered department-store chain alive amid the coronavirus pandemic, according to people familiar with the situation.

Simon and Brookfield, J.C. Penney's landlords, have reached an agreement in principle to buy the chain, which filed for chapter 11 in May after the pandemic shut down nonessential shopping across the country.

The landlords will own about 490 of the retailer's remaining 650 stores, one of the people said. A group of lenders will own 160 locations plus the company's distribution centers in return for forgiving some of Penney's $5 billion in debt. The landlords will pay the lenders rent on those 160 stores and distribution centers, the person said.

Simon, the biggest U.S. mall owner, and Brookfield are paying roughly $300 million in cash and assuming $500 million in debt, the person said.

The Wall Street Journal reported in August that Simon and Brookfield were the leading contenders to acquire Penney in a bankruptcy auction.

Write to Suzanne Kapner at Suzanne.Kapner@wsj.com, Alexander Gladstone at alexander.gladstone@wsj.com and Miriam Gottfried at Miriam.Gottfried@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD PROPERTY PARTNERS L.P. 0.70% 14.45 Delayed Quote.-20.95%
J. C. PENNEY COMPANY, INC. -6.98% 0.18325 Delayed Quote.-83.64%
SIMON PROPERTY GROUP, INC 0.80% 66.88 Delayed Quote.-55.10%
share with twitter share with LinkedIn share with facebook
All news about J. C. PENNEY COMPANY, INC.
10/23J C PENNEY CO INC : Regulation FD Disclosure, Financial Statements and Exhibits ..
AQ
10/23DBRS Morningstar Confirms Ratings on Four Classes of BBCMS Trust 2015-VFM, Ma..
AQ
10/21J C PENNEY : JCPenney Files Draft Asset Purchase Agreement
AQ
10/21J C PENNEY : JC Penney sees bankruptcy protection exit by Christmas
AQ
10/20J C PENNEY : Oct. 20, 2020 – JCPenney Files Draft Asset Purchase Agreement
PU
10/20J C PENNEY CO INC : Regulation FD Disclosure, Financial Statements and Exhibits ..
AQ
10/15J.C. PENNEY SALE TALKS STALL : Bloomberg News
RE
10/14J C PENNEY CO INC : Regulation FD Disclosure, Financial Statements and Exhibits ..
AQ
09/30J C PENNEY : DBRS Morningstar Assigns Ratings to Morgan Stanley Capital I Trust ..
AQ
09/29J C PENNEY CO INC : Entry into a Material Definitive Agreement (form 8-K)
AQ
More news
Financials (USD)
Sales 2020 11 167 M - -
Net income 2020 -268 M - -
Net Debt 2020 4 569 M - -
P/E ratio 2020 -0,89x
Yield 2020 -
Capitalization 59,2 M 59,2 M -
EV / Sales 2019 0,34x
EV / Sales 2020 0,43x
Nbr of Employees 90 000
Free-Float 98,3%
Chart J. C. PENNEY COMPANY, INC.
Duration : Period :
J. C. Penney Company, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends J. C. PENNEY COMPANY, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 1,00 $
Last Close Price 0,18 $
Spread / Highest target 446%
Spread / Average Target 446%
Spread / Lowest Target 446%
EPS Revisions
Managers
NameTitle
Jill Ann Soltau Chief Executive Officer & Director
Ronald W. Tysoe Non-Executive Chairman
Bill Wafford Chief Financial Officer & Executive Vice President
Melissa Pint Senior Vice President-Information Technology
Leonard H. Roberts Independent Director
Sector and Competitors