2 weeks Mall owners close to buying JC Penney out of bankruptcy Inquirer
          NEW YORK --- Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running. Penney's lawyer Josh Sussberg announced the tentative pact, which will save roughly 70,000 jobs and avoid liquidation, during a brief hearing in bankruptcy court Wednesday. Sussberg said that the Penney would have an enterprise value of $1.75 billion, including $300 million in cash from the two landlords and $500 million in new debt. He noted that a letter of intent including more details ... more