J.C. Penney Reaches Tentative Rescue Deal, Averting Liquidation

J.C. Penney Co Inc reached a tentative deal with landlords and lenders valued at $1.75 billion (1.35 billion pounds) to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said.

from Top Business News- News18.com https://ift.tt/2R9uikK