The company's lawyer reports all three bidders want to keep it as a stand-alone company.
News & Analysis: J.C. Penney
The old-line department store chain's name would disappear.
The bankrupt department store chain is hemorrhaging sales, threatening its ability to restructure successfully.
The department store's landlords may give it a bailout.
The department store has had some good news, but buyer beware.
Products in most categories are marked down by as much as 40%.
The two property companies have already bought one bankrupt clothing chain in 2020.
In return, the shareholders will drop a motion to have the company’s bankruptcy canceled.
Investors are betting on big turnarounds even among companies that have already sought protection from creditors.
Several possible acquisition deals are rumored, driving Penney’s stock higher.