A JC Penney store (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images) NEW YORK - J.C. Penney is on course to emerge from bankruptcy by Thanksgiving, after a U.S.
bankruptcy court approved the sale of the ailing 118-year-old retailer to its two largest landlords and its primary lenders.The U.S.
Bankruptcy Court for the Southern District of Texas approved a purchase agreement, announced earlier this fall, that has substantially all of J.C.
Penney’s retail and operating assets acquired by Brookfield Asset Management Inc. and Simon Property Group through a combination of cash and new term loan debt.