CYBERSPACE (AP) — It’s a big step forward for J.C. Penney. A U.S. bankruptcy court has approved the sale of the 118-year-old retailer. The approval by the federal bankruptcy court in the Southern District of Texas would see Penney’s assets acquired by Brookfield Asset Management and Simon Property Group. Approval of the sale puts Penney on track to emerge from bankruptcy by Thanksgiving.
Photo: Brett Levine
