J.C. Penney made its Plano headquarters exit official.
The retailer filed a notice with the bankruptcy court on Friday that it has rejected its lease and abandoned the building, as previously reported.
Penney hasn’t owned the headquarters campus it built in 1992 since the end of 2016. Most of Penney’s corporate staff have been working from home since March due to the pandemic.
/cloudfront-us-east-1.images.arcpublishing.com/dmn/D7VY5YVWVFEA3KMRZNQNNJ27KA.JPG)
Penney occupied 1.2 million square feet, or about 60%, of the headquarters at 6501 Legacy Drive in Plano. Penney hasn’t said where it’s going to settle, but an expensive move out of Texas doesn’t seem to make sense for the retailer near the end of its bankruptcy. It probably needs a lot less space than what it had.
Last week, U.S. Bankruptcy Court Judge David Jones approved Penney’s plan of reorganization and the sale of some of its real estate into a separate property company to pay off debt. Penney’s first lien lenders now own 160 stores and six distribution centers. The retailer will lease back the properties for about $150 million a year in rent on the buildings it previously owned.
Penney is expected to exit bankruptcy operating more than 650 stores.
The sale of the Penney retail business, which still owns a lot of its stores, is pending. Penney’s two biggest landlords, Simon and Brookfield have agreed to purchase the 118-year-old business. That’s expected to close soon.
/cloudfront-us-east-1.images.arcpublishing.com/dmn/XYJCPQOTKZF2HFXE7MQM2CAZCI.jpg)
Twitter: @MariaHalkias
Looking for more retail coverage? Click here to read all retail news and updates. Click here to subscribe to D-FW Retail and more newsletters from The Dallas Morning News.
"Exit" - Google News
November 30, 2020 at 06:43PM
https://ift.tt/36lH5ZV
J.C. Penney makes Plano headquarters exit official with court filing - The Dallas Morning News
"Exit" - Google News
https://ift.tt/2zNkU0N
https://ift.tt/2YrnuUx
Bagikan Berita Ini
0 Response to "J.C. Penney makes Plano headquarters exit official with court filing - The Dallas Morning News"
Post a Comment