J.C. Penney's talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders.
Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc out of bankruptcy should the U.S. department store chain’s negotiations with its creditors fail, sources said.
After filing for bankruptcy protection on Friday, a lawyer for J.C. Penney said at a court hearing on Saturday that the U.S. department store chain needs to exit bankruptcy proceedings in a matter of months to survive.
It has been slightly over a month since Richard Malone was crowned the winner of the 2020 International Woolmark Prize, but the prestigious international competition has already begun looking for the next big talent.
Ongoing underperformance at its Australian operations has led to the exit from his group post of Woolworths Holdings’ CEO Ian Moir, the South African company replacing him with an executive from Levi Strauss.
The Australian arm of Karen Millen, the business that’s now owned by Boohoo, has been placed into administration. The move was widely expected and will mean the closure of all its stores and concessions there.