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JCPenney CEO says company expects to exit Chapter 11 ahead of holiday season – CNBC

The bankruptcy process has added uncertainty as the retailer prepares for the holidays and tries to send a clear message about its future to vendors.

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J.C. Penney CEO Jill Soltau said Tuesday that the bankrupt retailer expects to exit Chapter 11 ahead of the holiday season.
The department store chain said in a news release that it has taken another step toward a sale to U.S. mall owners Brookfield Property Partners and Simon Property Group. It has filed a draft asset purchase agreement, which gets it closer to a deal.
The progress in the bankruptcy process could add more clarity as Penney prepares for holiday shoppers and may send vendors a …

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