JC Penney exits bankruptcy in deal that saves 60,000 jobs

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JC Penney came out of bankruptcy this week under a new owner in a deal that, at least in the short term, will save tens of thousands of jobs.A Texas judge on Monday cleared Simon Property Group and Brookfield Asset Management – the nation’s largest shopping center owners – to buy the ailing retailer for $ 1.75 billion. Lawyers representing JC Penney told CBS MoneyWatch that the acquisition would preserve about 60,000 jobs that would have been lost had the company gone into liquidation. They did not say how many stores would be saved by the deal.

“Our goal from the start of this process has been to ensure that JC Penney will continue to serve its clients for decades to come and that court approval achieves that goal,” CEO Jill Soltau said in a statement.

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