J.C. Penney said that the U.S. Bankruptcy Court for the Southern District of Texas has approved the previously announced asset purchase agreement with Brookfield Asset Management, Inc., Simon Property Group and the company’s DIP and First Lien Lenders, which is supported by the unsecured creditors committee.
In an updated reorganization plan filed last week, Tuesday Morning entered a sale/leaseback arrangement for its headquarters and warehouse facilities in Dallas for $60 million.
Libbey said it has reached consensual, ratified agreements with the United Steelworkers (USW) and the International Association of Machinists & Aerospace Workers (IAM) regarding modifications to their collective bargaining agreements and union-related retiree health and welfare benefits.
Century 21 Stores has filed for Chapter 11 and plans to commence a wind down of its off-price retail operations and going out of business sales at its 13 stores across New York, New Jersey, Pennsylvania, and Florida after serving customers for nearly 60 years.
In a decision that allows the company to emerge from Chapter 11, the Bankruptcy Court for the Southern District of Texas issued a ruling confirming Neiman Marcus Group’s plan of reorganization.
Despite talks, J.C. Penney has not been able to reach a deal with landlords and so lenders may wind up taking the company over.
Le Tote, Inc. and Lord & Taylor, which recently filed for Chapter 11, said they continue to review offers for a sale of the company and its brands. Meanwhile, the company added five more Lord & Taylor stores to the list of stores that are now participating in the store closing sale process led by a joint venture of Hilco Merchant Resources and Gordon Brothers.
Although it has faced recent challenges with coronavirus-related store closures, TJX could benefit from the market departure of a COVID-19 casualty, according to Placer.ai.
Stein Mart, which just filed for Chapter 11 reorganization, has authorized going out of business sales by a joint venture comprising Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners. The sale process is underway at all 279 Stein Mart locations across the U.S.