JCPenney closing

JCPenney is selling off the leases for 142 stores it occupies and 21 stores it owns across the country.
The dispositions are part of a plan by the bankrupt retailer to dramatically cull its portfolio of nearly 850 stores and cut costs.
A person involved in the sale of the stores and leases said more locations could be offered to buyers in the coming months.
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Bankrupt department-store chain JCPenney is trying sell off real estate as it navigates through Chapter 11 with a plan to emerge via a sale of the brand.

The company has hired Cushman & Wakefield and B. Riley Real Estate to market 21 stores it owns and the leases for another 142 stores across the country to potential buyers, according to marketing materials seen by Business Insider.

“We have no comment on the stores or leases we’re selling,” a spokeswoman for JCPenney said.

“There’s all kinds of interest and there are some good properties here,” said Jim Terrell, a principal at the real-estate services and brokerage firm B. Riley Real Estate. “There are residential investors who might redevelop these properties and there’s storage players who could use them for …read more


Source:: Businessinsider – Finance

      

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