JCPenney CEO says the company expects to leave Chapter 11 before the holidays

J.C. Penny CEO Jill Soldow said Tuesday that the bankrupt retailer expects to leave episode 11 before the holiday season.

The department store chain said in a news release that it had taken another step to sell to US mall owners Brookfield Property Partners. Simon Property Group. It has filed a draft property purchase agreement, which is close to a contract.

The progress of the bankruptcy process may add more clarity as Penny prepares for holiday shoppers, and may send a clearer message to sellers about its future. Like other retailers, it also deals with corona virus infection and depression.

This Agreement is subject to further court approval and other conditions. The company said an investigation was set for early November.

At a court hearing in September, Joshua Zusberg, a law firm in Kirkland & Ellis, claimed to be the mall owners. He is working on finalizing a $ 800 million contract To recover the company from bankruptcy. He said the move would save about 70,000 jobs and 650 stores.

The retailer faced other obstacles during the legal process. The group of lenders initially opposed the deal with Brookfield and Simon.

On Tuesday, the company reaffirmed plans to own and operate Brookfield and Simon retail assets. Meanwhile, 160 of its real estate assets and its distribution centers will become part of the company that owns the separate property owned by its group of lenders.