JCPenney in December announced completing its sale, under which Simon Property Group and Brookfield Asset Management have acquired substantially all of its retail and operating assets. The company’s asset purchase agreement (APA) had been approved by the US Bankruptcy Court for the Southern District of Texas on November 9. “Today is an exciting day for our company, as we have accomplished our goal of putting JCPenney on a secure path for the future as a private company so that we can continue to serve our loyal customers,” said Jill Soltau, chief executive.
Neiman Marcus Group completes Chapter 11 process
Neiman Marcus Holding Company in September announced it emerged from voluntary Chapter 11 protection, completing its restructuring process and implementing the reorganisation plan that was confirmed by a US bankruptcy court on September 4. It has eliminated more than $4 billion of existing debt and more than $200 million of cash interest expense annually, with no near-term maturities. The new owners are funding a $750 million exit financing package that fully refinances the debtor-in-possession loan and provides significant additional liquidity for the business.
German luxury clothing label Escada files for insolvency
Debenhams stores set to close after rescue efforts fail
Stein Mart files voluntary bankruptcy petitions
Stein Mart and its subsidiaries in August filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in Florida. The development will authorise the firm to maintain operations in the ordinary course of business, including payment of wages and benefits without interruption, payment of suppliers and vendors and the use of cash collateral. The company expects to close a significant portion of its brick-and-mortar stores and it has launched a store closing and liquidation process. However, it will continue to operate its business in the ordinary course in the near term.
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Fibre2Fashion News Desk (RKS)