Mall owners in the US. are about to complete a deal, worth $800 million, in order to save J.C.Penney from a failure. Paying some $300 million and considering $500 million to debtors, Simon and Brookfield aim to save 650 stores and subsequently almost 70,000 jobs.
Wells Fargo, the Financial services company, conceded to grant $2 billion to Penney after the completion of the business deal.
Penney, badly-damaged by the coronavirus and heavy debt, projects to achieve ratification from the judge for the deal next month.
A number of retailers, such as Neiman Marcus, Stage Stores and Lord & Taylor, have also requested for financial support after the pandemic. This is while some retailers have not found any financial assistant to help them with their debts.