PLANO, Texas – JCPenney plans to go forward as a business after finding a new buyer, according to a report from CNBC.
During a court hearing on July 29, Joshua Sussberg of financial advisor Kirkland & Ellis disputed a story from the New York Post that potential buyer Sycamore Partners would, if successful in its bid, jettison the JCPenney name and merge the business into the Belk regional department store chain.
“I want to say, unequivocally, we have had not one discussion about a liquidation,” CNBC reported Sussberg telling the court. “It’s simply not in the cards.”
He added that a bidder has not yet been chosen and that a sale should be completed by the fall.
In addition to Sycamore, the Post reported that other bidders for JCPenney include Hudson’s Bay Company and mall operators Brookfield Property and Simon Property, which have partnered with an offer.
