An empty parking lot is shown at a closed JCPenney store in Roseville, Michigan, Friday, May 8, 2020.A lawyer for JCPenney said in a bankruptcy court hearing Monday that discussions with three bidders for the business had reached a "stalemate." "We can no longer stand idly by and allow for negotiating postures to stand in the way of 70,000 jobs and our vendor base," Kirkland & Ellis' Joshua Sussberg, attorney for JCPenney, said during the hearing.
Three separate bidders — private-equity firm Sycamore Partners, Saks Fifth Avenue owner Hudson's Bay, and a joint venture between mall owners Simon Property Group and Brookfield Property Partners —to be in the running to acquire JCPenney out of bankruptcy. Those talks have been confidential. "Certain negotiating postures and egos, however, have not necessarily been set aside over the course of the last two weeks, because it's failing. Our drive in the red zone stalled," Sussberg said. "All while the business has suffered, as our vendors, stand by with bated breath, waiting for an announcement, at the same time, holding inventory and the word that JCPenney will in fact back be around for the foreseeable future.
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