More than a month has passed since Penney first announced a deal in principle to sell its operations to Brookfield and Simon. In other kinds of court cases, that may be a miniscule increment of time. In a retail bankruptcy, going into the holiday season, it is an agonizingly long period and potentially dangerous to the business.
Attorneys for the retailer said previously that suppliers were withholding product while they waited to make sure that the deal for J.C. Penney actually makes it to the finish line. Representatives for the buyers, lenders and other stakeholders — including the judge overseeing the case — have noted the importance of time and getting Penney through the bankruptcy process as quickly as possible.
