- JCPenney sells leases for 142 stores and 21 stores across the country.
- The divestments are part of a plan by the bankrupt retailer to drastically sort out its portfolio of nearly 850 stores and cut costs.
- One person involved in the sale of the shops and leases said that more locations could be offered to buyers in the coming months.
- You can find more stories on the Business Insider homepage.
The bankrupt department store chain JCPenney tries to sell real estate as it navigates through Chapter 11 and plans to act through a sale of the brand.
The company has engaged Cushman & Wakefield and B. Riley Real Estate to market 21 of its own stores and leases for another 142 stores across the country to potential buyers. This comes from marketing materials published by Business Insider.
"We have no comment on the businesses or leases we sell," said a spokeswoman for JCPenney.
"There are all sorts of interests and there are some good properties here," said Jim Terrell, principal at real estate services and brokerage firm B. Riley Real Estate. "There are private investors who could redevelop these properties and there are storage providers who could use them for logistics. And then you have retailers who could use them."
JCPenney had previously stated that it would close 151 locations and a total of 242 locations as part of its bankruptcy this year.
Michael Jerbich, president of B. Riley, who is working on the deals to sell the locations for the department store brand, said the leased store locations would likely all be closed and sold by fall. The offers for the rental contracts are due by mid-September.
Selling your own stores could take longer, he said.
"Their own properties are still in operation and their closing dates will vary. Some will continue to operate for some time while others may close earlier," said Jerbich.
Jerbich suggested that JCPenney could offer additional locations for sale among the nearly 850 stores in the coming months.
"Although no additional stores are currently available for sale, this could change as the process progresses," he said.
JCPenneys bankruptcy attorney said this week The company has received offers from interested buyers, and a sale could cause the company to go bankrupt and put it back on a solid financial footing. Several buyers have been reported to deal with the brand, including private equity firm Sycamore and even the e-commerce giant Amazon.
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