JC Penney Says Sale Still On Despite Report Of Front-Runner

Law360 (July 29, 2020, 9:29 PM EDT) -- J.C. Penney Corp. denied reports that Sycamore Partners is a front-runner to buy the department store chain while telling a Texas bankruptcy judge Wednesday that it has received multiple bids for its business as it moves toward a going-concern sale.

At a remote hearing before U.S. Bankruptcy Judge David Jones, J.C. Penney counsel Joshua Sussberg said the "only thing" the Monday New York Post story had gotten right was that there have been multiple bids submitted for the retail chain.

"I think the takeaway here is we're moving forward on the sale process," he said.

J.C. Penney declared bankruptcy May 15,...

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