J.C. Penney lenders plan takeover after sales talks hit impasse

By Eliza Ronalds-Hannon and Jeremy Hill | Bloomberg
J.C. Penney Co.’s lenders plan to take ownership of the retailer after talks with potential outside buyers have so far failed, an attorney for the company said in a bankruptcy court hearing Monday.
“We’ve hit a stalemate,” the attorney, Joshua Sussberg of Kirkland & Ellis LLP, said in the hearing. “Our lenders will no longer be held hostage” by outside bidders, he said.
The company will continue exploring