Simon, Brookfield close JC Penney acquisition

Mall operators Simon Property Group and Brookfield Asset Management have completed their acquisition of JC Penney’s operating company, allowing the retailer to emerge from Chapter 11 bankruptcy protection with 690 stores in operation. The agreement allowed the retailer to gain access to $1.5 billion in new financing, become more financially stable and split off its real estate into a lender-owned entity. Read the Footwear News story here

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