Report: Deal To Save J.C. Penney Nears Completion

J.C. Penney, JCPenney

A deal to sell struggling department store chain J.C. Penney that involves two mall operators may soon be finalized.

CNBC reported that the $800 million deal includes two main principals; Simon Property Group and Brookfield Property Partners. If approved, Penney would avoid going out of business saving approximately 70,000 jobs and keeping 650 stores open.

Published reports said Simon and Brookfield would pay about $300 million in cash and assume debt of $500 million. Additionally, Wells Fargo has agreed to provide the retailer a $2 billion revolving credit line.  

As of press time, it was not known if there would be any store closures once the deal is complete.